Are you a part of the Sandwich Generation?
According to Realtor.com, that’s a name for the roughly one in six Americans who care for their children and their parents or grandparents simultaneously.
If that sounds familiar, juggling all the responsibilities involved must have challenges. But there’s one significant benefit: it can make it a bit easier for you to buy a home.
How Can It Help You Buy a Home?
Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of children and parents at the same time is helping them afford a home.
A third of respondents said their situation made it easier to buy (see graph below):
Here are a few ways their caretaking situation might be helping those 33% buy a home:
- Sharing Expenses: If you live in a multi-generational household, you can pool your resources and split the costs. Your parents might contribute to the mortgage or help with other bills. This can make a big difference, especially in today’s housing market. It may help you afford a larger home than you could.
- Built-In Childcare: Having grandparents in the home could also save you money on childcare. They can help watch your kids while you’re at work, which means you can save on daycare costs, too.
Beyond just the financial reasons, buying a multi-generational home has other advantages. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights some of the most popular, including:
- Easier to Care for Aging Parents: It’s more convenient to care for someone when you live with them. Also, your elderly parents may be happier and healthier, thanks to more social interaction and a feeling of connectedness.
- Spending More Time Together: Once you live together, you spend more time and create even more lasting memories with your loved ones.
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 Help
Working with a local real estate agent is essential if you’re in the Sandwich Generation and considering buying a multi-generational home. Finding a home that works for so many people can be tricky. An agent will use their expertise to help you find one that meets the needs of, and has enough space for, everyone who will live there.
Bottom Line
Being a part of the Sandwich Generation comes with its challenges, but it also might come with one truly great perk. If you’re looking to buy a home, your caregiving situation can actually make it a bit easier for you to afford one. To learn more, let’s connect with real estate experts in Chicago, Illinois.
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