Why the Sandwich Generation Is Buying Multi-Generational Homes
Author: Destiny Aigbe
August 2, 2024
The Sandwich Generation, a term coined by Realtor.com, refers to the approximately one in six Americans who simultaneously care for their children and aging parents or grandparents. While balancing these responsibilities can be demanding, it also offers unique financial benefits that can make purchasing a home more feasible.
How Caretaking Can Facilitate Home Buying
A recent survey by Realtor.com revealed that one-third of the Sandwich Generation found their caregiving situation helped them afford a home. Here's how:
- Sharing Expenses: Multi-generational households often pool resources, which can significantly reduce individual financial burdens. Contributions from parents or grandparents towards the mortgage or other bills can make homeownership more attainable and allow for the purchase of a larger home.
- Built-In Childcare: Having grandparents in the home can save on childcare costs, as they can help watch the children while parents are at work, reducing or eliminating the need for daycare services.
Beyond Financial Benefits
The National Association of Realtors (NAR) highlights several non-financial advantages of multi-generational living:
- Easier Care for Aging Parents: Living together makes it more convenient to care for elderly parents. They benefit from increased social interaction and a sense of connectedness, which can improve their overall well-being.
- Spending More Time Together: Multi-generational living allows for more time spent together, fostering stronger family bonds and creating lasting memories.
The Mortgage Reports encapsulates these benefits: “Buying a house with your parents can be a great way to ease caregiving, support young children, or simply bring loved ones closer together. And considering the steep rise in home prices over the last few years, it can make homeownership a lot more affordable.”
The Role of a Real Estate Agent
For members of the Sandwich Generation considering a multi-generational home, a local real estate agent is an invaluable resource. Here’s how an agent can assist:
- Expertise and Guidance: A real estate agent brings expertise in navigating the complexities of finding a suitable home that meets the diverse needs of a multi-generational household.
- Space and Layout: Agents can identify properties with the right amount of space and appropriate layouts to accommodate everyone comfortably.
- Financial Navigation: Real estate agents can help structure the financial aspects, ensuring that contributions from all family members are effectively managed and leveraged.
Conclusion
While being part of the Sandwich Generation involves significant responsibilities, it also opens up unique opportunities in the real estate market. Sharing expenses and built-in childcare can make homeownership more affordable. Moreover, the non-financial benefits of living in a multi-generational household can enhance family life. Engaging a real estate agent ensures that you find a home that suits the needs of your entire family, making the home-buying process smoother and more efficient.
About the Author
Destiny Aigbe
Managing Partner
Aigbe Law PLLC | Dark Alpha Capital
A Corporate and Securities Law Firm
With a robust foundation in law and finance, Destiny Aigbe has carved a distinguished career, underpinned by his pivotal role in orchestrating and managing complex transactions that have propelled companies to significant growth and market prominence. As a seasoned attorney and strategic advisor, Destiny has been instrumental in facilitating over $75 million in capital raises, demonstrating a keen acumen for securing funding and fostering investor confidence.
Destiny's leadership in the execution of six successful public listings, through meticulously structured reverse mergers and registration statements, showcases his adeptness in navigating the intricacies of the public markets and his capacity to guide companies through transformative growth phases. His involvement in five mergers as an operator further illustrates his versatile skill set, extending beyond legal expertise to include hands-on management and operational strategy, though these ventures did not involve funding.
Destiny's professional journey is marked by a commitment to excellence and a diverse range of experiences, from representing a wide spectrum of clients including public and private companies, and investment firms, to holding significant roles within the US government. His tenure with the US Department of State and the National Institutes of Health highlights his adaptability and his contribution to the advancement of entrepreneurial ventures in sectors like biotechnology and nanotechnology through strategic funding initiatives.
An alumnus of Vanderbilt University Law School, Destiny focused on Finance and Mergers & Acquisitions, further honing his expertise with a certificate in Law and Business. His foundational education in Finance was obtained with honors from the University of Maryland's Robert H. Smith School of Business, which laid the groundwork for his subsequent achievements in investment banking and legal practice.
Residing in the Washington, D.C. area, Destiny Aigbe continues to leverage his extensive experience and insightful leadership to drive innovation, growth, and success for his clients and the ventures he is involved with.
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