The coronavirus pandemic initiated several shifts in America’s housing market over the past eight months. New research by the National Association of Realtors (NAR) reveals changes in the behaviors of home buyers and sellers were especially notable as buyers’ usual tendencies altered, and the urgency to sell accelerated.
NAR’s 2020 Profile of Home Buyers and Sellers report shows transactions completed after March were more likely to involve a multi-generational home. Multi-generational home purchases accounted for 15% of sales after March, compared to 11% for those who closed before April.
WHAT IS A MULTI-GENERATIONAL HOME?
Multi-generational homes, also referred to as multi-gen or next-gen homes, are designed to provide space for multiple generations to live together under one roof. This style of home is on the rise in America because they’re practical, affordable, and allow for more quality time with family. With so many benefits, it’s easy to see why 1 in 5 Americans are living in Multi-generational homes—a 30 percent increase since 2007. So, what exactly is a Multi-generational home?
The basic idea of Multi-generational living is that at least two adult generations live together. This could look like a home with grandparents living with their children and grandchildren, a home with parents and their adult children, or even a four-generation home. In a Multi-generational home, each generation will benefit from having their own separate space and privacy. Many multi-gen homes also have a separate living area and even a kitchen and separate entrance.
Multi-generational homes offer extra space to accommodate whatever living arrangement meets your family’s changing needs. Buyers purchase multi-gen homes so that:
- Aging parents can move in with their children.
- Adult children may move back home for a bit – after college or after a divorce, for example.
- There’s room to accommodate a live-in nanny or au pair.
- Family members with special needs are within reach, making it easy to help them.
- Relatives and friends can stay for extended visits.
CONVERTING YOUR SINGLE-FAMILY HOME TO A MULTI-GENERATIONAL HOME
There are several ways to convert your current single-family home into a multi-generational home:
- Convert existing space like a bedroom or garage
- Build an addition to the existing home
- Construct a detached Accessory Dwelling Unit (“ADU”)
Construction or renovation projects of an existing home using tradition building methods tend to be very time consuming and an annoyance to the homeowner who has to live in the home while the renovation is taking place. Home owners need to be aware that a modification to an existing home can open “Pandora’s Box” and unknown construction defects or code violation may come to light and will need to be addressed.
A BETTER SOLUTION: A DETACHED FACTORY BUILT ADU
California now allows single family zoned properties to add an Accessory Dwelling Unit (“ADU”) without having the property rezoned as multi-family. A detached pre-fabricated ADU is the perfect solution to create a multi-generational home at a much faster time frame and at a notable cost savings over traditional site construction methods. Pre-Fabricated ADU projects can take as little as 3 to 5 months to complete.
USMODULAR IS YOUR ADU SOLUTION
USModular, Inc. is a second generation full service “One Stop Shop” design build general contractor specializing in factory built ADUs. We have over 35 years of experience. We have an A+ Rating with the Better Business Bureau and have been featured in Forbes. We have over 100 pre-designed ADU plans to choose from. Contact us today and let’s begin your ADU project!
CONTACT USMODULAR:
951-679-9907, Ext 1
info@USModularinc.com
www.USModularinc.com
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