Generation game: the return of the extended family home.
How do you buy a spacious family home when money is tight? Join forces with the grandparents and double your budget. Max Davidson reports on the growing trend of multi-generational living.
The number of our buyers considering this as an option is increasing by about 50 per cent a year, and it is not hard to see why,” says James Greenwood, managing director of Stacks Property Search. “You get exponentially more bricks, mortar and land for your money, so pooling resources can buy a significantly bigger space.”
In the upper/mid-end of the market, certainly within commuting distance of London, competition for large family homes is fierce. If you can combine two budgets to take you beyond the £900,000 price bracket, you catapult yourself into a different league. Suddenly stables, paddocks, swimming pools and other luxury add-ons become a practical possibility.
“Grandparents may be sitting on a great deal of wealth in their own home and the next generation may be struggling to finance a large enough property to accommodate a growing family,” adds Greenwood. “Combining resources should provide adequate space for all, with the added benefit of grandparents on hand to enjoy, and help look after, their grandchildren. Then the children can help with their grandparents’ needs as they grow older. It can be a win-win situation.”
“The separate annexe is the ideal arrangement for an extended family,” says Greenwood. “It is important that both generations have their own distinct space, with separate entrances if possible.”
He counsels caution, however, in entering into living arrangements that may not be easy to unpick. What will happen when your children leave home? Or when your parents become dependent themselves? If a property has been tailored to your needs, how easy will it be to sell? There are umpteen contingencies that need to be taken into account. You can’t just wing it when there are so many human lives involved.
Read full story here ( link to Daily Telegraph Online website)
If you would like James Greenwood, to help you with your property search Please call on 01594 842 880 or email at Jamesgreenwood@stacks.co.uk
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