Are you part of the Sandwich Generation? This term, as defined by Realtor.com, refers to the one in six Americans who are simultaneously caring for their children and their aging parents or grandparents.
For those familiar with this balancing act, the challenges are manifold, but there’s a notable upside that may ease some burdens, particularly when it comes to buying a Triangle Area home.
How Does This Help in Buying Multi-Generational Homes?
A survey by Realtor.com revealed that a third of the Sandwich Generation believes their living situation has simplified the process of buying multi-generational homes. (see graph below):
Here’s how their caregiving roles are proving financially advantageous:
- Sharing Expenses: Living in multi-generational homes allows for the pooling of resources, which can be a game changer in today’s real estate market. With multiple generations contributing financially, you might find that you can afford a larger home in Raleigh than if you were buying solo.
- Built-In Childcare: Having grandparents in the house can lead to significant savings on childcare costs. They can look after the children while parents work, reducing or eliminating the need for expensive daycare services.
Beyond financial benefits, there are emotional and practical perks to buying multi-generational homes as well. The National Association of Realtors (NAR) outlines several key advantages:
- Easier To Care for Aging Relatives: Co-residing makes it simpler to look after elderly family members. This proximity often leads to improved health and happiness for aging parents due to increased social interaction and a greater sense of belonging.
- More Quality Time: Living under one roof allows for more shared experiences and the creation of lasting memories with family members.
The Mortgage Reports sums it up this way:
Buying a house with your parents can be a great way to ease caregiving, support young children, or simply bring loved ones closer together. And considering the steep rise in home prices over the last few years, it can make homeownership a lot more affordable.”
How a Real Estate Agent Can Assist
For those in the Sandwich Generation contemplating the purchase of a multi-generational home in the Triangle Area, the expertise of a local real estate team, like Linda Craft Team Realtors is invaluable. An agent will help navigate the complexities of finding a property that suits the diverse needs and preferences of each family member.
Bottom Line
While being part of the Sandwich Generation presents unique challenges, it also offers a substantial benefit if you’re considering buying multi-generational homes. Your role as a caregiver might just make it easier to secure a home that meets your family’s needs. Contact Linda Craft Team Realtors to explore your options.