Make room for Mom.
A growing number of home buyers are looking for extra space to accommodate multiple generations of family, according to a recent Coldwell Banker survey of real estate agents.
Almost 40 percent of the agents who responded noted an increase in home buyers looking to purchase homes to accommodate more than one generation of their family. Nearly 70 percent of the agents surveyed said multigenerational buying is only likely to get hotter in 2010 given the economic landscape.
The grim financial environment is the main driving force behind the new attention on garage apartments and mother-in-law suites. But health care (29 percent) and those good old family ties (6 percent) were also cited as factors, according to the survey.
“While saving money is certainly an incentive for buying a home that accommodates multiple generations, the benefits go beyond just financial reasons,” Diann Patton, Coldwell Banker Real Estate Consumer Specialist, said in a news release. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with one another and can better juggle childcare and eldercare.”
Real estate professionals have a burgeoning opportunity to seize on this expanding niche and highlight properties with these kinds of offerings. Any home with bonus space could be a candidate for a multigenerational buyer who’s planning to bring an ill or out-of-work family member back into the fold.