The Rise of Multi-Generational Homes
Over the past decade or two, a new trend has emerged in housing: multi-generational homes. If you’re planning on buying a home in the near future—or selling your current home at some point—homes designed for multi-generational living is something you should be aware of.
What Is Multi-Generational Housing? As the name implies, a multi-generational home is a home that is specifically designed to accommodate multiple generations of the same family. There are plenty of different combinations of generations that could comprise a multi-family home. For example, it could be a home with parents, grandparents—or even great-grandparents—all living together or a home with children and their families returning to “the nest” to live with their parents.
How it’s Different Than Other Types of Housing. In general, a multi-generational home will have more total living space, whether it simply has more bedrooms and bathrooms or has a separate living area with a separate entrance—or even a detached dwelling on the same property. Characteristics of a multi-generational home may include a first-floor bedroom, a small kitchenette separate from the main kitchen, multi-use (and multi-adaptable) rooms, more open interiors, wider doors and hallways, and more accessible features.
Financing a Multi-Generational Home. With more square footage in a multi-generational home, the cost of a mortgage may be higher. However, with multi-generational homes becoming more popular, most lenders now offer mortgage products designed for this type of housing. Your lender may suggest an FHA loan or a VA loan or another program such as Fannie Mae’s “extended income household” (EIH) loan, which may be well-suited for this type of home. If you’re considering a multi-generational home purchase, talk to your mortgage professional.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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