Buying for the long game: multigenerational properties in demand



Have you considered family asset investment?  


For the majority, gone are the days where you grew up in one family home, largely paid by the one family income (usually Dad’s) through significant mortgage repayments over a thirty (plus) year period.

The current property market boom reflects the great Australian dream of home ownership is still very much alive – but generally now requires two incomes mortgage payments, both parents work longer hours and child care is a key cost of living.

Changing technology, globalisation/travel, job fluidity, increased living costs, dual incomes, women working full time and childcare, transport and changing workplace expectations have created a new landscape of considerations and influences when buying a home and when you can afford to.

Demand for multigenerational homes and properties, valued as the ‘norm’ in many other cultures for centuries, is emerging in the Australian property market in response to;

·       Our growing home affordability crisis, particularly for our younger and older generations
·       Exorbitant childcare costs -  when the cost of childcare in nearly every way outweighs the value of any residual income
·       Changing family structures including increased single and co-parenting arrangements and blended families requiring increased home based support
·       Growth in multicultural population, where multigenerational homes is the norm
·       A growing population challenged by increasing living costs

Dual living is now increasingly promoted as a key selling feature in property sales campaigns, with multigenerational properties often attracting the attention of more buyers looking for a property to accommodate immediate blended family arrangements and as a family investment for multiple generations in the future.  

Grandparent childcare with subsequent planning for ageing parent care, are highly motivating factors.

If you are considering a multigenerational property purchase, as with all property purchases, ensure you secure adequate buying, financial and legal advice prior to the purchase, particularly where differing equity contributions may be involved.

Succession and estate planning prior to such a significant investment will protect and assist facilitate subsequent generations of happy family living. 

www.createpropertysolutions.com.au

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