Why the “Sandwich Generation” Is Buying Multi-Generational Homes in Los Angeles and Beverly Hills, CA
Why the "Sandwich Generation" Is Buying Multi-Generational Homes in Los Angeles and Beverly Hills, CA | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
Are you part of the Sandwich Generation? According to Realtor.com, that’s a term for the roughly one in six Americans who simultaneously take care of their children and their parents or grandparents.
If that sounds familiar, you’re likely juggling numerous responsibilities, each with its own set of challenges. However, there’s a silver lining: being in this situation can potentially make buying a home easier.
How Can It Help You Buy a Home?
Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of children and parents at the same time is helping them afford a home. Surprisingly, a third of respondents said their situation made it easier to buy. Here’s why:
- Sharing Expenses: In a multi-generational household, pooling resources and splitting costs can make a significant difference. Parents or grandparents might contribute to the mortgage or other bills, helping to afford a larger or more desirable home, especially in high-demand markets like Los Angeles and Beverly Hills.
- Built-In Childcare: Grandparents living in the home can save you money on childcare by helping watch the kids while you’re at work. This can lead to substantial savings, making homeownership more feasible.
Beyond the financial benefits, buying a multi-generational home offers additional advantages. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights some of the most popular reasons:
- Easier To Care for Aging Parents: Living together makes it more convenient to care for elderly parents. Additionally, the increased social interaction and sense of connectedness can significantly enhance their happiness and health.
- Spending More Time Together: Sharing a home allows for more family time and the creation of lasting memories.
The Mortgage Reports sums it up perfectly: “Buying a house with your parents can be a great way to ease caregiving, support young children, or simply bring loved ones closer together. And considering the steep rise in home prices over the last few years, it can make homeownership a lot more affordable.”
Multi-Generational Living in Los Angeles and Beverly Hills
In Los Angeles and Beverly Hills, the trend of multi-generational living is growing. These areas offer unique opportunities and challenges for the Sandwich Generation:
- Luxury and Space: Properties in Beverly Hills often come with ample space and luxurious amenities, making them ideal for multi-generational living. Homes with multiple master suites, guest houses, and expansive outdoor areas are particularly sought after.
- Prime Locations: Proximity to top-rated schools, healthcare facilities, and entertainment options in Los Angeles enhances the appeal of multi-generational homes in these areas.
- Investment Potential: The real estate market in Los Angeles and Beverly Hills is known for its strong investment potential. Purchasing a multi-generational home here can be a smart financial move, offering both immediate and long-term benefits.
How a Real Estate Agent Can Help
Finding a home that meets the needs of multiple generations can be challenging, especially in competitive markets like Los Angeles and Beverly Hills. This is where a seasoned real estate agent comes in. They can:
- Identify Suitable Properties: An agent will use their expertise to find homes with the right layout, space, and amenities for your multi-generational needs.
- Negotiate Effectively: Skilled agents can negotiate terms that accommodate your unique family situation, ensuring you get the best deal possible.
- Provide Market Insights: Understanding the local market trends and property values in Los Angeles and Beverly Hills is crucial. An agent will offer valuable insights to help you make informed decisions.
Bottom Line
Being part of the Sandwich Generation comes with its set of challenges, but it also offers significant advantages, especially when it comes to buying a home. In Los Angeles and Beverly Hills, the trend of multi-generational living is gaining traction, providing financial benefits and enriching family life. If you’re considering this lifestyle, partnering with a local real estate agent is essential to navigate the market and find the perfect home for your family. To learn more, let’s connect.
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