buying a home from a distance

Three Tricks To Buying A Great Multi-Generational Property

9 May 2017

Jeffery Wright

Living together with your family members can often give your life a boost. Though it is common for couples to move out on their own when they get married and start having kids, it is becoming just as common to remain at home. The affordability of real estate and the rising costs of raising a family can make it difficult to purchase a home alone. If you are fine with living with your parents, siblings, cousins, or more you may be able to find a bigger home that is more affordable. The only issue with living with extended family is finding the right multi-generational property. Here are three tricks to buying a great multi-generational property

Purchase several duplex units

One of the easiest ways to purchase a home that can work for several different generations is to purchase an already built duplex. The duplex will be able to house at least two family units combined. Most duplexes are often built in communities, meaning more than one duplex will be available in a newly built community. Combining your income and mortgage loans will allow you to purchase several duplexes and pitch in to pay them off as a family. Turning your own neighborhood cul de sac into a family zone will be comforting, especially if your family is raising young children. 

Buy an apartment unit

In most cities, apartment units can come up for sale. There are apartment buildings that have few units, many units, luxury, and modest. Depending on the family budget, it can be best to purchase an apartment building and use it to house the family. If there are more units than necessary or if the units are too small, it is possible to give every family their own floor and knock down the walls to create penthouses on each level. 

Start from scratch with land

At times, it can be difficult to find the right kind of houses to live in. If every nuclear family unit inside of your extended family includes widely ranging amounts of children, a duplex or multifamily unit may not work. For this reason, everyone should pitch in to pay for the land. This will allow your family to have a place to put down brand new roots. if the real estate for sale in your town includes plots of land, you can try to get the land as a bundle or parcels. Paying for land outright means that everyone can build a home that works for their family in their own time. 

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