Are you juggling the responsibilities of caring for both your children and aging parents? If so, you're part of what's known as the Sandwich Generation—a term that describes the nearly one in six Americans balancing the needs of two generations simultaneously.
While managing these responsibilities can be challenging, there's a silver lining: it may actually make it easier for you to buy a home.
How Caregiving Can Help You Afford a Home
According to Realtor.com, a recent survey found that one-third of Sandwich Generation members believe that taking care of both their children and parents has made it easier for them to afford a home. Here’s how:
Shared Expenses: Living in a multi-generational household allows you to pool resources. Your parents might contribute to the mortgage or help with household expenses, making it easier to afford a larger home.
Built-In Childcare: With grandparents in the home, you can save on childcare costs, as they can help watch your children while you work.
Beyond the financial benefits, buying a multi-generational home offers additional advantages. The National Association of Realtors (NAR) highlights some of the top reasons families are choosing this lifestyle:
Easier Care for Aging Parents: It’s much more convenient to care for elderly parents when they live with you. Plus, the increased social interaction and sense of connection can improve their overall well-being.
More Family Time: Living together allows you to create lasting memories and spend more quality time with your loved ones.
As The Mortgage Reports puts it:
“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
If you're in the Sandwich Generation and considering a multi-generational home, partnering with a local real estate agent is crucial. Finding a home that suits the needs of multiple generations can be challenging, but an experienced agent can guide you through the process and help you find the perfect fit for your family.
Being part of the Sandwich Generation comes with its challenges, but it also offers a unique opportunity. If you're looking to buy a home, your caregiving role might actually make it more affordable. To explore your options, reach out to a local real estate agent today.
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