Multi-generational Living, is it right for you?

From taking briefs from our clients and also talking to our contacts across the South West there would appear to be a steady increase in the number of people looking for property that will allow either one or both of their parents to live with them.

Whilst Multi-generational living is common place in some cultures around the world, Japan really springs to mind, here in the UK it hasn't always been that popular.

Things seem to be changing on that front, certainly in the South West at least.

Lots more people are making the decision to have their elderly parents live with them

Many couples in their forties and fifties are now making the decision to care for their parents personally rather than face the prospect of them living in care homes or sheltered housing.

Thankfully the housing stock in the South West, especially at the upper range of the market, is adaptable enough to be able to accommodate this.

Many rural properties have cottages or outbuildings which can easily be adapted for the needs of ageing relatives. Others have purpose built “granny” annexes expressly designed for this purpose.

With the majority of these kind of properties the cottages or barn conversions were put in place to take advantage of the lucrative season holiday market in the South West but they can be ideal permanent residences (subject to the usual planning consent of course).

Building a Granny Lodge in your garden

There are even companies, like Homelodge, that will provide you with purpose built kit homes to locate in your garden for this purpose!

If you have thought of this as an option for your family going forward we felt it might be useful to offer some insights on Multi-Generational living. It is something that we embarked on personally just under 3 years ago and it certainly works for us but it may not be the perfect solution for everyone!

There are many things to consider when thinking about Multi-Generational living:

Emotional and Physical security

There is a lot to be said for knowing that you are right there for your parents should they need your help later on in life. Whilst they may still be healthy and active just now none of us know what is around the next bend in the road and being just next door should anything go wrong can be a huge comfort for all involved.

You can both keep an eye on each other and make sure you all have the emotional and physical support you need.

Sharing the Load

There is no doubt that in the majority of cases the more people that face a problem together the easier it is to find a solution. Whether that is child care, property maintenance, gardening, shopping or even financial issues, having someone else that you love and trust on hand to support you can be of enormous benefit.

Companionship

Assuming of course that you have a good relationship with your parents or in-laws, having great neighbours, who also happen to be family, can make life a lot more enjoyable.

Financial

If you are a close family whose finances are already linked then why not reduce your financial burden by combining forces.

There are many advantages to working together to buy a property and you should seek qualified advice on this if it is something you are thinking about. We can refer you to some excellent advisor's if you need support with this.

On a day to day basis though you should be able to structure things so that your council tax bill is reduced, utility bills are reduced and even you shopping and other overheads are lower. This is all compared to running two separate properties.

And what about later on?

Regrettably there will always be a need for care homes and hospices for that point in our lives when our medical and physical needs become so great that we rely on professional carers. However, whilst everyone involved is in reasonable health and their needs can be met at home then perhaps we should all be thinking seriously about Multi-Generational living.

We know there is a universal challenge of an ageing population and that society in general, and the NHS in particular, is being placed under ever increasing strain perhaps more of us should be considering Multi-Generational living as a solution that can benefit everyone.

It has the capacity to improve quality of life, promote family values, provide emotional and physical security and save on money and resources.

Providing you get on well with your parents or In-laws, it really is a Win-Win situation!

If this has inspired you to look at properties with Multi-Generational Living options please get in touch, [email protected].