By Marilyn Kennedy Melia
CTW Features
American families have changed a lot in the past few decades. But most homes were built for the stereotypical two parents, 2.5 children household.
“Today’s consumers are thinking about accommodations for both their aging parents and young adult children who have not moved out,” said Chris Porter, chief demographer at John Burns Real Estate Consulting.
That conclusion was reached after a survey of 21,000 prospective home shoppers, with 45 percent indicating they would like a floor plan to accommodate a multi-generational family.
A separate master suite with its own entrance, and perhaps equipped with a mini-kitchen and small living area, is what multi-generational families living together would desire most, according to Porter.
But they could house hunt a long time before finding these features.
“Existing homes are typically not oriented to a convenient private access unless it’s on a second floor or to an apartment above the garage – especially if the garage is separate from the home,” Porter said.
Renovating an existing home is an option.
“[However,] adding a second entrance could be expensive,” Porter said. “It may be cheaper to buy a [newly built] home, unless the neighborhood is very strong.”
In areas where home prices appreciate at a strong rate, the cost of renovation is more likely to be recouped.
According to Dina Petrakis of Littlerock Renovation Coaching, buyers of an existing home would have to first make sure it could be remodeled to suit their needs.
In the Chicago neighborhoods where she works, it’s popular to remodel a “two-flat,” originally built to house two families on two different floors into one larger home, and renovating the basement as a suite with its own entrance.
Recognizing the demand, builders are increasingly constructing multi-generational homes, according to Porter.
But could such homes become obsolete, should families revert back to the 1950’s Ozzie and Harriet model?
“The great thing about the separate lock-off space is it could be used for other purposes,” Porter said. Those include a home office, or a space to rent, Airbnb style.
© CTW Features