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Extended family in bigger property

As the pandemic continues, more homebuyers look for bigger properties that can house their older family members. These buyers aim to keep their aging family members out of senior living – particularly group setting facilities. Since the COVID-19 outbreak, these facilities have been on heightened alert. Naturally wanting to protect and keep their family members safe from the pandemic, they opt to purchase bigger homes to accommodate them.

The National Association of REALTORS®’ newly released 2020 Profile of Home Buyer and Sellers showed that buyers purchasing a home since the start of the pandemic have been more likely to purchase a multigenerational home—15% versus 11% who purchased prior to 2020.

Most of the homebuyers’ reasons are:

  • Health and caretaking of aging parents and relatives;
  • Cost savings;
  • To spend more time with aging parents and relatives;
  • Buying a multigenerational home allowed them to pool multiple incomes to purchase a larger home.

Since more homebuyers look for bigger properties to house their older family members, in the last two quarters since the pandemic, the occupancy in assisted-living facilities and independent living centers decreased by more than 2.5%.

This is also reflected among homebuilders. These days, they increasingly try to respond to the call for homes that can accommodate multiple generations. Often requested are houses to have two primary owner suites, including one on the main floor. In response to the uptick in demand, Lennar Corp. says it expects to increase its line of NextGen homes by more than 20% compared with last year. M/I Homes says it has debuted a new floor plan. These would include a separate multiroom space on the main floor of the home. This can serve as a room for an aging parent or home office.

Builders of accessory dwelling units (ADU) are reporting a rapid rise in business since the pandemic began. ADUs are backyard houses that can serve as separate living quarters.

A photo of a detached ADU

Related: Accessory Dwelling Unit: A New Way to Earn Money

“We’re hearing stories about how people went to visit their family members and couldn’t go into the facility and talked to them through the window.” Daniel Blumenkrantz, an analyst at Urbaneer ADU, told The Wall Street Journal. “We figured there has to be a way around this.”

Given this information, it’s hard to imagine living separately from your loved ones, especially during this pandemic. If you’re looking to purchase a bigger home and you need trusted advisors to make sure your home buying experience goes smooth, contact Town Real Estate. Having a powerful real estate team isn’t just helpful, it’s essential.

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