Loans for multi-family properties are on the rise, according to the latest data from Fannie Mae.
A total of $69 billion in finance was closed last year for multi-generational families to establish a home as part of Fannie Mae’s mandate to provide affordable housing.
The areas where Fannie Mae applied these loans included “Multi-family Affordable Housing”, which was up 7% on 2021 volumes. Money was also put into student and senior housing, which both increased by 26%.
In the private sector, owners are showing increasing interest in establishing multi-generational homes, which is a reflection of higher property prices and a desire to maximize the value of their current real estate asset.
This approach is both visionary and practical.
There’s no doubt many owners find themselves in the so-called “sandwich generation”, simultaneously helping their parents and being called upon to assist their adult children struggling to find finance to purchase or cash flow to meet rising rental payments.
Think about some of these design elements and organization that will contribute to a successful multi-generational home.
Privacy
Everyone needs their own space and feeling of independence. Communal areas are important, of course, but everyone in the household needs somewhere to go for peace and quiet, to listen to their music, read a book, or pursue hobbies.
Designs
There are a number of “classic” designs that promote multi-generational living. You should consult an architect to investigate the possibilities.
Start again
Depending on your financial situation and personal circumstances, you might find it easier to buy land and build a new home specifically for multi-generational living. With no end in sight to the “sandwich generation” phenomenon, this could prove to be an excellent investment.
Access
If you’re considering the needs of elderly relatives, then ease of access is a critical consideration. We’re talking more than steps and stairs. Your bathroom would need serious consideration in terms of access and issues such as non-slip surfaces and shower entry.
Modifying rooms
Wheelchair access around a house requires detailed thinking, and often modern homes simply do not provide sufficient space for a wheelchair to operate successfully in areas like a kitchen or bathroom.