Episode 65, Segment 1: The Awesome Potential of Multi-Generational Homes
This new type of housing may be a game-changer, says Monica DiSchiano of Sky Realty. Listen to the podcast or keep reading below to learn more about the multi-generational home and the impact it may have for both the Baby Boomer and millennial generations.
So, what is a multi-generational home?
It's a single-family home, but it's like a home within a home," Monica says. "Inside there's an apartment or 'suite' and it has a kitchenette and a living room and bedroom with a full bathroom, and it also has its own exit out of the home and a porch and sometimes even a garage. They can also access the inside of the house from inside as well."
"I'm seeing a lot of buyers out there who are needing the space for an elderly parent, a child, or roommate situations that these homes are filling a need for," Monica says. "I noticed the need for it first two years ago when I was holding an open house at a large home with four or five bedrooms - the master bedroom was downstairs and there was also a guest bedroom downstairs, which was a little unusual. People really liked that, but were upset that it didn't have its own bathroom."
"I looked at that extra room as an office or study, but people were coming in and saying how great it would be for their parents to stay with them or live with them there," Monica explains.
Where can you find a multi-generational home?
"Lennar Builders are building in about 4 different Austin area neighborhoods right now with three different floorplans," Monica says. "They're in Leander, Georgetown, Buda, and South Austin."
"Lennar came out with these floorplans about five years ago in Houston and then in Dallas, and they decided to bring them here in Austin, and they've said the homes are really taking off."
What kind of prices are we looking at?
"It's about $40,000 more," Monica explains. "The majority of that number comes from adding the extra kitchen, and having their own exit out of the house."
Pricing of these layouts starts as low as $295,900 and goes up to $452,900, depending on which floorplan you choose.
"Right now, the majority of their homes are built with elderly parents in mind, but 32% millennials age 18-34 are still living with their parents, so this could definitely be built for them too," Monica adds.
"I always tell clients to think of the extra money as a gift fund," Andrew Thurston adds. "It's a small price to pay for getting your kids into their own home or their own space!"
If you have questions on multi-generational homes or are interested in buying any type of home in the near future, don't hesitate to contact Monica DiSchiano at Sky Realty!