The baby boomer generation is aging and are starting to look at downsizing their homes, while their millennial children are now entering the housing market looking for their own dream homes.
With a lack of inventory in the housing market and new construction builds not being built quick enough to house over 17 million buyers and sellers - combining resources and considering a multi-generational home could be the way of the future for Canadian families.
Here are some benefits to a multi-generational house:
1) Shared expenses;
2) Built-in child care, dog sitting, and house sitting;
3) Shared wisdom from the baby boomers on how to plant and maintain gardens, budgeting, estate planning, and home maintenance;
4) Shared wisdom from the millennial generation on new technologies, new foods and non-traditional meals;
As a baby boomer parent with millennial children myself, we are already discussing how we would love to share a home with them with our own space so that we can be more involved with our grandchildren.
We would love to be able to pass on our knowledge and love of the outdoors to our grandchildren. To take them skiing, skating, golfing, playing hockey, and just being in nature rather than having them being babysat by the TV when their parents are busy. With two busy parents it's sometimes easier to turn on the gaming device or TV and we want to be the easy-to-access buffer that can show the grandkids the joys of being active outside and exploring instead. By living in the same home, it's easy for us to quickly be available when needed.
by living in the same home it will also be easier for either of us to go on vacation, knowing that our home and animals will be taken care of.
By sharing expenses, the family can work with their realtor to look at larger homes with actual in-law suites that have their own entrances, rather than basement apartments that don't- allowing the baby boomer parents to come and go and have their own private space.
A larger housing budget will also allow families to live in more affluent neighborhoods with good schools, parks, and amenities at their fingertips.
We love this idea because part of our children's inheritance will be enjoyed while we are still living and the home we share will become a home of memories long after we are gone.
Get in touch with me today to see what homes in the Ottawa area might be available to you that would allow for a multi-generational house approach.