There are many factors affecting the way people buy homes. In recent years, the concept of multi-generational living has resurfaced. What does that mean exactly? The US Census describes multi-generational households as those consisting of three or more generations living together. So how will this trend affect real estate investors?
Larger Homes Will Continue to Be Enticing
The average square feet of floor area in homes continues to increase. In 2013, homes averaged 2,600 square feet, compared to only 2,170 square feet in 2010. With more people interested in multi-generational households, the need for more space will become even more prevalent.
Strategically, investors can create a portfolio of homes that helps them avoid profit losses that come along with market swings. By purchasing bigger homes, investors can capture home buyers who want to capitalize on intergenerational living.
Homes with Universal Designs Have more Value
The ideal home for a multi-generational households needs to have features and designs that can accommodate household members of varying ages. For instance, bathrooms should not only be attractive, but they should be designed in a way that allows older family members to safely and easily access all features. Additionally, investors should look for homes that have open floor plans in the main living area to make it easy for the whole family to gather and good size bedrooms throughout to give each resident their own space and privacy.
Buyers Are Going to Be Younger
Millennials are leading the trend of purchasing multi-generational homes. For many, the idea of owning a home isn’t possible without additional incomes helping to pay the mortgage. Multi-generational home also save money on travel costs, monthly utilities and childcare. When older family members are moved in, the rest of the family can benefit from cost savings on senior living facilities.
By focusing on home features that appeal to large families, investors will increase their chances of winning younger home buyers seeking multi-generational housing.
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