American society has a specific perspective on how living as an adult goes. You move out of your parents’ home, find the love of your life and start a home of your own. However, more people are deviating from the status quo.
The New York Times recently reported a growth of multigenerational households across the United States. There is a current estimation of 64 million Americans living in a multigenerational home – a house where two or more adult generations live together.
With this growing shift, it makes sense that more adults are considering sharing a home with their parents. But how do you approach buying a property with mom or dad?
Before you buy
There are several questions children and parents should consider before signing any lease, including:
- How realistic is it to live with your parent?
- Would you have a good dynamic in the household?
- What do your parents want in a property?
- What would you want in your future home?
- How will payment work between you and your parents?
- What happens if someone wants to move out of the home?
Answering these questions together will make the house hunting process easier and offer guidance as you approach moving into a new home with your parents.
During the search
Once you and your parents establish what you are looking for in a house, it’s time to start looking for the right property. It’s critical that all parties share the work during house hunting. For example, one party may craft a list of possible homes in a specific area while another person may visit the homes with a realtor or during an open house.
You could also “divide and conquer,” which means you divide the areas you want to live and have each person search for potential houses in those areas. It does not matter what option you choose as long as you work together to find a home that works for everyone, including parents and children.
Buying the property
After a long search, you may find the perfect property where everyone can live in peace. However, there are a few steps to take before signing the final documents:
- Decide whose names will be listed as owners – you can either be co-owners on the property or one can “rent” space in the house. Either option could work for your family.
- How will property taxes be paid – depending on the price of the property, the taxes may make up a large portion of the payment. It’s important to consider how to address them before signing any commitments.
- Do you need a mortgage loan – If you cannot cover the entire costs, between you and your parents, you may want to take out a loan for the payment. You will have to decide who should take out the credit and how to pay it back efficiently.
Once all the details are covered, you are finally ready to buy the home with your family. You can finally settle in your brand new home and start a life with your multigenerational household.