The latest trend in housing gaining in popularity is having a home within a home known as a multi-generational home, with a space often called a mother-in-law suite, or having a guest house. This is especially true for home remodeling Phoenix. Be sure to consider planning to have a multi-generational home for when you do home remodeling Phoenix. It may make your house fetch a greater price when you go to sell.
The number of people living to age 90 and beyond will quadruple from when homes were built prior to the 1980’s. As people age, they fear their retirement savings will run out. The average coast for living in a nursing home can be $75,000 a year, which could wipe out leaving any monetary legacy. Besides, most would rather live with family for the sake of psychological comfort, if they can have a separate space for each to enjoy privacy.
But there is more versatility in having a multi-generational home than just an option to provide for parents. How can a multi-generational home be of service through a life cycle of a family?
A newly married couple could use the space as a rental to generate income. It also can provide needed income when the couple are blessed with children to help a Mom be able to stay at home and raise her children. The space could be used so the Mom can work a home-based business. Their lifestyle can be that they want to reserve the space for out of town visitors, or in the future, make into a teen cave.
As time goes on, they could have boomerang children that need to come home to regroup because of financial setback, or a single parent that doesn’t want to put children in daycare.
At any time a parent can have significant change to their health and need minor assistance to living. If they are bedridden, the parent can be moved into the main house, and the space could be used for a caretaker to live to help with the parent’s round the clock needs.
Empty nesters could decide they want to rent out the main house and live in the smaller quarters. Since women tend to outlive men, they may want to get a roommate and live with another widow or perhaps sibling in the main house, and rent out the smaller space for income. If they come to a time that they need assistance living at home, they can rent the smaller space to a caretaker.
There are many options that a multi-generational house can provide that provide value to many stages in a family’s life.
Happy Home Remodeling Phoenix!