Home Seller’s News: Multigenerational Housing Solutions

Home Selling SolutionHere’s a valuable statistical tidbit: national census data indicates an accelerating growth in the number of multi-generational and extended family households forming in the U.S.

I guess this shouldn’t be a surprise. With  layoffs, foreclosures, larger bills and smaller bank accounts, an increasing number of families are teaming up to combat financial challenges.

One housing report showed a jump of 2.6 million more multi-generational households just between 2007 and 2008.

Often these arrangements are mutually beneficial, with adult children caring for elderly parents, grandmothers taking care of todlers, grandfathers feeding goldfish, and a larger number of people chipping in to pay the bills… or at least in theory.

What does this have to do with home selling? It turns out that one of the factors enabling these extended households to form in the first place is home ownership. Renters often have a harder time squeezing in more family members due to space limitations — or because the rental contract doesn’t allow inviting surprise guests to move into the property.

This means as a home seller you might have an emerging demographic of buyers who may want to buy your home, especially if it has multiple bedrooms, bathrooms, or an in-law suite. What this also means is that you have a possible new slant on how to promote or target market your home — emphasizing the features that make it the perfect solution for extended families.

The flip side is that multi-generational living might be a solution for you if you’re under financial stress and stuck with a house that isn’t selling as quickly as you’d like. Perhaps you have a nice, sane family member who would benefit from moving in with you in exchange for helping with a few bills.

In times of difficulty, people are often at their most creative and resourceful, and combining households is a solution that has worked throughout the world and throughout the ages. It might not be the perfect solution for everyone, but it just might help you sell your home or keep you financially stable while you wait for a buyer.

Has this solution worked for you or someone you know? I’d like to hear about it.

For hundreds of innovative ideas for making home selling easier, faster and more enjoyable, read Home Seller’s Blues And How To Beat Them — now available as a paperback book through Amazon.com and as an ebook at homesellersblues.com

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