Multi-generational living (or multi-gen for short) is picking up steam in Canada. If you haven’t heard of multi-gen homes before, they’re more or less exactly what the name suggests – when two or more generations of a family live in the same home. While this unique living arrangement offers no shortage of perks, it’s not always the perfect fit for every downsizer either.
In this blog, we’ll cover the ins and outs of transitioning to a living space with your family. Let’s get started.
Is Multi-Gen Living the New Norm?
Today, the practical nature of home-sharing paired with shifting social and economic trends make it an easy choice for a lot of families – especially in our neck of the woods. That said, although multi-gen living is certainly much more common than it was a couple of decades ago, it’s not quite the leading lifestyle just yet.
Curious about the perks of downsizing? Click here to discover 5 ways downsizing makes life easier.
What Should Downsizers Know About Multi-Gen Living?
As real estate agents who work closely with families and downsizers, we’re well acquainted with some of the unique challenges that may come with making a change in home. All that said, there are a wide range of situations that downsizers may find themselves in related to multi-gen living or home sharing. We’ll look at a few of them next.
Having a strong financial foundation for retirement starts with a high-result home sale. Explore these other blogs for more selling advice.
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What Are Some Scenarios Downsizers Find Themselves In?
Every downsizer has different needs and preferences, so there’s not really a universal style of multi-gen home sharing.
Below you’ll find a few of the most common questions and conundrums related to multi-gen living we hear from downsizers – along with some advice for each one. If your situation is a little more unique, feel free to reach out to our team for personalized recommendations.
I Want to Buy a Home With My Child
Another type of home sharing we see with downsizers is co-purchasing. This is when you buy a home with your child and move in together. This option has become more popular in markets where the average cost of a home is going up. So what should you know before you take this path?
As with any type of big shared purchase, money can be a sensitive topic. So ensuring everyone’s expectations are clear is essential. Decide how you want to split costs. Will you both buy equal shares in the home (a 50/50 split)? Or will one of you own more than the other?
There are also a number of big decisions to make that are unrelated to money – at least not directly.
Depending on your comfort level, you may also choose to have a formal agreement in place (aka a Co-Hab) that clarifies everyone’s rights and responsibilities related to the home. These are legally binding documents that can be helpful in the event of a conflict.
Thinking about downsizing? Check out these other blogs from our site.
- 5 Reasons to Start Your Downsizing Journey Early
- Everything You Need to Know About Downsizing in Durham & Kawartha Lakes
- Ready to Downsize?
I Want to Downsize But I Still Have Children at Home
This is a unique one. Some would-be downsizers find themselves looking to move on from an existing multi-gen home. Just like moving in with family, moving out from family (i.e. to separate new homes) can also be tricky from a logistics and emotional perspective.
That said, the same best practices still apply. Starting with open communication, talk to your children about your changing needs. Explain why you’re ready to downsize and when you’d like to do it. Be open to their questions and concerns too. After that, get in touch with a real estate agent. Once they have a sense of everyone’s needs, they’ll be able to offer compassionate advice and solutions that benefit all (to the best extent possible).
I Want My Parent(s) to Downsize on My Property
On the flip side of the coin, we’ve also seen an uptick in homeowners who are encouraging their aging parents to downsize and move in with them. This could mean joining the primary home in a spare bedroom or having a separate secondary suite somewhere on the property. When it comes to the latter, there are a lot of important details to consider.
In Ontario, adding a secondary suite or any type of extra living quarters to your home comes with a ton of red tape. With that in mind, you’ll want to chat with someone who understands housing such as an architect or real estate agent before you commit to any renovations or upgrades.
Downsizing With Puckrin & Latreille
When you’re ready to make the transition into your next chapter, we’re ready to help. From finding a great home to selling your current one, we know the downsizing process inside and out.
Looking to downsize your home? We’re here for you. Call 905-985-7300 to reach our team or click here to send us an email.
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