The trend towards multigenerational living is gaining momentum, young adults are now not only moving back in with their parents but increasingly, buying the homes they grew up in, with the intention of also raising their own families there.
There are all sorts of reasons why you might want to buy the property you grew up in, but you shouldn't let your head rule your heart.
Buying your childhood home is not a decision that should be taken for emotional or sentimental reasons or executed hastily. Lifestyles have changed so you need to think clearly about whether this is really your ideal home.
Think about it carefully Photo: Envato Elements You will need to decide if it is really the home you want, and seek professional advice from an experienced estate agent, a reputable mortgage originator and your accountant or tax attorney before you sign an offer to purchase.
Location, location, location Photo: Envato Elements You need to consider the location, just as you would when looking at any other property. Is it close enough to work and does it offer reliable public transport? Does it have all the shops, schools and other amenities that you need? Is it safe, or would it perhaps be better if you all moved to another home in a more secure area or development?
The neighbourhood might be different Photo: Envato Elements When your parents bought the house, it was a newer neighbourhood full of families with young kids. But over the years those families turned into empty nesters and retirees. Your best friend doesn't live next door anymore either. But that just means there's an opportunity to make new friends, and there are plenty of neighbours who can tell your family what an adorable child you were when you were growing up.
Privacy might be an issue Photo: Envato Elements With a family home you might not have the place to yourself all the time. Your siblings may feel the same attachment you do, and they might feel a little too at home. Will they be upset if you make too many changes to their childhood home?
Will they expect you to host, and pay for, every holiday, just like Mom and Dad? Will they come over a few nights a week, do laundry, hog the remote, and eat all your snacks? Make sure that you're good at setting boundaries, or comfortable without them.
Is the whole family in agreement of the move? Little boy and dog at home. Adorable baby resting on the fur blanket. Perhaps most importantly you should think carefully about whether everyone in the extended family you are creating will get along, find out how other members of your family who live elsewhere feel about the arrangement and try to plan for any change in your circumstances.
There are many other factors to take into consideration before making an offer on your family home. Make sure you understand what you are letting yourself into before putting down an offer to purchase.
With the help of our highly effective scheduling team and legal team, at PropertyFox, you can be well-informed throughout your property journey. Contact us today and we'll take it from there.
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The trend towards multigenerational living is gaining momentum, young adults are now not only moving back in with their parents but increasingly, buying the homes they grew up in, with the intention of also raising their own families there.
