Buying a multi-generational home in Los Angeles can be a smart investment and a great way to accommodate the needs of your extended family. However, it’s essential to approach this process with careful consideration and planning. If you are searching for multi-generational homes for sale in Los Angeles, contact us any time. We also have some tips below to help walk you through the process of finding a home that will meet the entire family’s needs.
What to Consider with Multi-Generational Homes
Define Your Goal
In any real estate investment, it is essential to define the goal of the investment before you search for the property. Start by discussing the specific needs and priorities of your multi-generational household. Consider factors like the number of family members, their ages, mobility issues, and privacy requirements, and don’t forget about future considerations as the needs of your family are likely to evolve over time.
Consider Home Layout
As you look for homes with layouts that can accommodate multiple generations comfortably, consider the different layouts and their pros and cons. Features like separate living areas, granny flats, or in-law suites can provide privacy while allowing family members to live together.
Determine how much privacy is important to you, and how much living space you would like to share. In order to enjoy a successful living situation, considering these factors carefully beforehand is essential. You might look for homes with features that cater to multi-generational living, such as dual master suites, multiple bathrooms, and spacious common areas. If f privacy is a concern, consider home design modifications such as installing separate entrances or creating separate living spaces within the home.
Plan Ahead for Accessibility
If you have elderly family members or individuals with mobility challenges, prioritize homes with features that make daily living more accessible, such as ground-floor bedrooms and wheelchair-friendly designs. Even if mobility is not currently a concern, be realistic about the chance that it may become a problem in the coming years.
Keep in mind that the resale value of your multi-generational home is essential. Features that appeal to a broad range of buyers will help ensure a successful sale if you decide to move in the future. As you plan any renovations or modifications to the home, keeping resale value in mind will be something your future self is glad you did.
Financial Agreements
In addition to determining your budget, both generations need to be clearly on the same page both the financial responsibilities associated with the property. Decide on the financial arrangements for shared expenses, such as mortgage payments, utilities, and maintenance costs, as well as the initial costs associated with buying, renovating, and furnishing the home. Establish clear guidelines and expectations to avoid conflicts in the future.
Consider an ADU
In some cases, finding the right property for your unique household is too challenging. If you are not finding a home that suits the needs of everyone, considering instead purchasing a property you love with a main house that meets all your needs, and then designing a custom accessory dwelling unit (ADU) to be the home of one of the generations in the household.
ADUs can provide unique tax benefits, increase the value of your property, and generate creative solutions to unique housing challenges. They are ideal for multi-generational households that want to find a compromise between the needs for privacy and support. Living in an ADU on the property allows each party to maintain independence and privacy while having each other to lean on at a moment’s notice and sharing the financial burden of homeownership.
If you would like to learn more about adding an ADU to your home in Los Angeles, or are ready to search for multi-generational homes for sale in Los Angeles, contact us any time.