Hi Caitlin S., Here is Caitlin's Real Estate Newsletter for Tuesday, May 03, 2022
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Caitlin S. Parenteau, ABR®, PSA
Caitlin S. Parenteau
REALTOR® Sales Associate, ABR®, PSA
C. 973.224.4820 | O. 973.729.6111
Coldwell Banker Realty
24 White Deer Plaza
Sparta, NJ 07871
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How To Prepare for Multigenerational Housing


In a multigenerational household, children, parents, grandparents or other family members share a living space. There are many reasons this may be a beneficial arrangement, but it's helpful to create a space where everyone feels comfortable. Here are just a few things about multigenerational living that can be helpful for you:

Understand costs and financial arrangements

Costs and financial arrangements will change depending on the age of the family members living with you. For example, if an adult child moves back in after college, you may decide to charge them rent. But if your mother moves in needing regular assistance, her finances will become your responsibility.

Set ground rules and boundaries

Similarly, you'll want to set ground rules and boundaries with the family members moving into your house. For example, if you have adult children with families moving in, set boundaries around the times you're able to babysit. For children home from college, you may create ground rules about guests in the house.

Ensure privacy

A critical need for family members of any age in your household is privacy. This will be easy to offer if you can provide a secondary housing structure such as a backyard cottage or attached apartment. If you're sharing rooms in your home, create ways to ensure that you and the family members living with you have private spaces and times.

Share household tasks

For family members able to help out around the house, communicate regularly about shared household tasks. What are they responsible for buying? Will everyone purchase their own groceries or will the whole family share? Who cleans the house, and how can you equitably share household duties?

Are you looking for a home for multiple generations of your family? Call us to learn more today.

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The information provided in this email newsletter is for general guidance only, and does not constitute the provision of legal advice, tax and accounting advice, real estate investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional real estate, tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Home value estimate calculators provided herein are general estimations based on publicly available data and should not be used as a substitute for a professional appraisal. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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