Real Estate Trends: Building a Multi-Generational Custom Home

Even though the Great Recession is just a memory, one real estate trend that hasn’t faded away is the multi-generational household. Instead of hunting for a home with an in-law suite or partially finished basement, consider a custom home builder in the Greater Cincinnati and Northern Kentucky areas. A new home builder will create a space that perfectly accommodates two, three or four generations living together. According to a report by Huffington Post, there are 57 million people in the U.S. living in multi-generational households. Before getting started with the process of building a new construction home, work out a few of the details with relatives.

  • Hammering out the financing

The first matter of business is to agree on a budget. Sometimes it’s the eldest member of the extended family that takes out a mortgage or pays cash for a home. In other cases, the other relatives co-sign on a mortgage and share the down payment and closing costs. Keep in mind, lenders evaluate the credit score and credit history of everyone on the mortgage. You may also want to consult with a lawyer about who to put on the title for estate planning purposes.

  • Making the home elder-friendly

According to Huffington Post, a growing trend in real estate is for senior citizens to age in place instead of going into nursing homes. Building an elder-friendly new construction home is critical with some of the considerations including wide hallways, levers on doors instead of knobs that are difficult to grab, non-slip flooring and accessible bathrooms. Unless you intend to add a stair lift, create a space for the oldest members of the household on the main floor.

  • Creating privacy and separation

A custom builder who builds on your lot in Ohio and Kentucky will likely recommend a finished basement for accommodating different generations. Boomerang children or young adults who are trying to save up money or pay off college loans often enjoy the privacy of having an entire finished basement to themselves. Your builder can include separate entrances as well as a 3-car garage.

At J. Schmidt Homes, we understand the needs of multi-generational households to have unique space carved out just for them. We can build you the perfect home on your lot in the Greater Cincinnati area and Northern Kentucky areas. For more information about our different elevation, floor plans and finished basement plans, please contact us.

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