If you and your parents have decided to purchase a home together, you're not alone. Many people are turning to multi-generational alternatives to home purchases. There are a lot of benefits to purchasing a home with your parents. One of those benefits is that you can pool your resources, which means you can stretch your home-buying dollars a bit farther. However, you do need to take your time when choosing a multi-generational approach to real estate buying. Here are four tips that will help you avoid problems later:
Start With a List of Wants and Needs
If you and your parents will be purchasing a home together, you need to start with a list of your wants and needs. This list should include items from all the adults involved in the purchase. You want to make sure that you and your parents get what you want out of the investment. Once you have a detailed list of everything you want from a home, start trimming it down to the things you need.
Pay Attention to the Floor Plans
When choosing a home for multi-generational living, you want to pay attention to the floor plans. This is particularly important when considering the needs of multiple adult couples. If privacy is a concern, you want to look for a home that offers dual master suites, preferably on opposite sides of the house. If you have young children, your parents may want a master suite that's on a separate floor, so that they can avoid some of the noise and chaos that comes with young children.
Consider Varying Needs
If you're in the process of purchasing a multi-generational home with your parents, you'll need to consider varying needs, especially if your parents plan to age in place - remain in their home throughout the aging process. If your parents will be aging in place, you'll need to choose a home that will provide for varying degrees of accommodations, including living space on the ground floor if choosing a multi-floor home.
Look at the Legal Aspects
Finally, if you and your parents will be purchasing a home together, make sure you look at the legal aspects, especially if you have siblings; the issue of inheritance might come up. Before you purchase the home, you'll need to make sure that issues regarding inheritance are addressed. The last thing you want is to have your siblings sue for a portion of your home once your parents pass away. Seeking legal advice prior to the purchase will help you avoid that issue.