Learning About Luxury Real Estate

Whether it's aging parents, struggling adult children, or a difficult economy, the reasons for becoming a multigenerational household are as varied as the families themselves. If you and your extended family are planning to find a home to live in together, here are 4 types of shared living situations to choose from.

Duplex. A duplex is a great solution for those who want to live nearby but don't actually want to share a home. This multifamily home is actually made up of two (often identical) homes that share a common structure. The advantage of duplexes is the combination of privacy and independence along with being able to pay for the upkeep of only one total house. Some costs of owning a duplex may be more than a single family home, but many will be similar. You may eventually be able to rent out the other half, so it could provide a real estate investment opportunity. 

Granny Flat. A so-called "granny flat" can be called by many names--often considered a "mother-in-law suite" as well--but the designs all have a few things in common. Generally, these add-on living areas are part of the main house's overall structure while boasting their own bathroom, kitchen (or kitchenette), living area, bedroom, and outside entrance. The granny flat helps a relative feel independent while providing simple and immediate access for caregivers or assisting family members.

Converted Rooms. If your family budget doesn't provide the luxury of building an extra living space onto the home, you may be able to convert a room or two inside it. Combining two or three less-used rooms in the family home may allow enough space to design a mostly self-contained suite for the live-in family member. A formal dining room, laundry room, guest bedroom, or garage are great examples of rooms that could be repurposed into a separate living area. 

Basement. The idea of an adult child living in their parent's basement may be a cliché, but it can be a good solution. Basement living areas usually offer a level of privacy as well as an existing bathroom, space for a kitchenette, and built-in room structure. Look for a home with a largely finished basement if your budget is tight. 

Which type of shared housing arrangement fits your family depends on the people involved. But, you may find that in addition to being more convenient and provided security for aging parents, you also save money in the long run. And that can help ensure that everyone is happy with their new home. For more information, contact companies like Infinity Living.