What makes a great multigenerational property?
It’s no secret, housing costs are rising and Australia’s population is aging. Together that’s leading to an interesting trend where more and more Australians are opting for multi-generational housing.
But if you’re considering going in with family members to buy the property where all of you will live, what should you keep in mind?
Here we look at multigenerational living, including what to look for in a multigenerational home.
The rise in multigenerational living
A raft of research highlights the increasing trend of multigenerational living.
In 2020, the City Futures Research Centre at UNSW found that 20 per cent of all Australians lived in a multigenerational household in 2020, while the Australian Bureau of Statistics projects an increase in multigenerational houses of 63 per cent by 2046.
And of course there’s good reason this is the case. Not only are housing values at a record high, interest rate increases have made securing a loan less affordable, while the latest CoreLogic data indicates the national median house price now sits at $814,837.
Meanwhile, we have an aging population. Collectively, this means there are benefits for multiple generations of families sharing a home, including:
- Housing affordability
- Financial benefits
- Child care
- Cultural traditions
- Connection
- Aged care
- And more
But if you’re considering purchasing a multi-generational property, what should you look for?
What to look for
Like buying any property, purchasing a multi-generational home is all about considering the needs of the residents who will live there.
It’s also about working out what features are non-negotiable and what will be nice to have.
With that in mind here are our top 10 factors to consider.
Location
Location will be critical, and chances are that location will need to cater to multiple people’s needs, including children who may be at school, parents who work, and grandparents who might need access to medical facilities and shops.
Layout
The layout of a multigenerational home is critical. Not only will there need to be enough ‘room’ for everyone, it also pays to consider how the zones of the house are separated. For example, are there wings to the property and are there enough bathrooms?
Accessibility
Consider the needs of the occupants, also factoring in what they may require in the years to come. For example, a single level home might be preferable to a multi-storey property if the occupants are likely to be older.
Entrances
Separate entrances create sense of independence and privacy. Where possible opt for a property which has a separate entrance that is not accessed through the main house so people can come and go as they wish.
Parking
Multi-generational homes are likely to require off-street or extra parking, especially if there are children coming into their late teens and driving years.
Noise reduction
With the generations each enjoying different hobbies, activities and sleep, it’s a good idea to consider ways to minimise noise.
If possible, create separate zones, but if not, it might be worth considering noise mitigation strategies between the different sleeping and living spaces.
Storage
Storage is a big deal in any family home, but if the property accommodates multiple generations, it’s likely to be even more important.
If the existing property doesn’t have sufficient storage, consider if there will be ways you can increase it.
Privacy
With a lot of people living in one home, retaining privacy can be a real challenge. Separate entrances and doors between rooms and zones help create a sense of privacy.
Meanwhile, options like granny flats allow the different generations to live on the same property, but not necessarily under the same roof.
Renovations
If you are investing in a multi-generation property, it’s worth considering not just how it will function in the immediate future, but also the long-term.
What happens when the children become teens, when the grandparents age, or someone moves out?
Can the property be renovated, repurposed, or altered to accommodate that shift?
How we can help
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