Multi-generational living: Savings, challenges, and the need for planning

  • 12 months ago

In the face of the rising cost of living, gloomy economic outlook, and a scarcity of affordable housing, multi-generational living has emerged as a practical and meaningful solution but, although bringing together individuals from different age groups under one roof can be a fulfilling experience, it’s not without its challenges.

This is according to Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty, who says: “Multi-generational living can be a very smart fiscal move as costs become more efficient when shared, and it also fosters family unity and is a very practical way for generations to help each other out, whether it be providing a home or sharing a rung on the property ladder.

“However, putting two or three generations under one roof can be problematic and for multi-generational living to thrive, careful consideration and intentional efforts are needed to ensure the well-being and harmony of all household members.”

She says that the first step is to take an objective look at your home and assess how well it works for everyone, young and old.

“If your home could be problematic for someone with mobility issues who might have difficulty climbing stairs or getting into a bath, then it might be a better idea to convert an attached garage into a self-contained flat as everything will be accessible and on one level.

“And, if there is a choice of ground floor and first floor bedrooms, allocate the rooms on the lower level to the older generation even if they are still very mobile as they will remain accessible as your family ages. Also, having bedrooms on both floors with the youngsters upstairs, will create a natural separation between generations.”

Once the practicalities have been addressed, Geffen says that the following are very important factors in making multi-generational living work for everyone involved:

  1. Open Communication Channels:

Communication is the foundation of any successful household, and in a multi-generational setting, it becomes even more critical. Encourage open and honest communication among all family members and create a space where everyone feels comfortable expressing their needs, concerns, and expectations.

Regular family meetings can be a valuable forum for discussing shared responsibilities, financial matters, and personal boundaries.

  1. Define Shared Spaces and Personal Boundaries:

Clearly define shared spaces and personal boundaries within the home. Each generation may have different lifestyles, routines, and preferences so establishing designated areas for communal activities and personal spaces allows everyone to coexist harmoniously.

Encourage mutual respect for these boundaries to foster a sense of autonomy and privacy for each household member.

  1. Financial Transparency:

Financial discussions can be sensitive but are crucial for the success of multi-generational living. Establish transparency regarding financial contributions, expenses, and savings goals and clearly outline how costs will be shared, taking into account the varying financial capacities of different generations.

Transparency helps avoid misunderstandings and ensures that everyone contributes fairly to the household’s financial well-being.

  1. Shared Responsibilities:

Distribute household responsibilities equitably among all family members. From chores to caregiving responsibilities, sharing the load fosters a sense of teamwork and prevents any one individual from feeling overwhelmed or resentful.

Rotating responsibilities and establishing a schedule for tasks can help maintain balance and ensure that everyone plays a part in the smooth functioning of the household.

  1. Respect Different Generational Perspectives:

Multi-generational living brings together diverse perspectives shaped by different life experiences. Encourage an environment of mutual respect and understanding and embrace the opportunity for intergenerational learning and sharing of wisdom.

Recognise that each generation has unique strengths and contributions to offer, creating a rich tapestry of experiences within the household.

  1. Create Intentional Shared Activities:

Foster a sense of togetherness by creating intentional shared activities. Whether it’s regular family meals, game nights, or outings, shared experiences strengthen familial bonds.

Be mindful of the varied interests and preferences of different generations, ensuring that activities are inclusive and enjoyable for everyone. These moments of connection contribute to a positive and cohesive family dynamic.

  1. Flexibility and Adaptability:

Life is dynamic, and circumstances can change so try to cultivate a spirit of flexibility and adaptability within the household and recognise that each family member may face different challenges and stages of life.

Being open to adjustments and embracing change with a positive attitude allows the family to navigate transitions smoothly and support each other through various life events.

  1. Provide Individual Support:

Recognise the unique needs of each family member and provide individual support where necessary. Whether it’s childcare, eldercare, or emotional support, understanding and addressing the specific needs of each generation contribute to a nurturing and caring environment.

This approach fosters a sense of security and well-being for all household members.

  1. Encourage Independence:

While multi-generational living promotes interdependence, it’s also essential to encourage individual independence. Support younger family members in pursuing their goals and establishing their independence. Similarly, respect the autonomy and preferences of older family members.

Balancing interdependence with individual freedom contributes to a healthy and harmonious living arrangement.

  1. Seek Professional Guidance:

In some cases, seeking professional guidance can be beneficial and family counsellors or therapists experienced in navigating multi-generational dynamics can provide valuable insights and tools for effective communication and conflict resolution.

“Multi-generational living can be a rewarding and enriching experience when approached with intention, communication, and flexibility,” says Geffen.

“Ultimately, it provides a wonderful opportunity for the generations to connect, so embrace the strengths that each family member brings to the table and enjoy a fulfilling journey of shared growth and treasure the time together.”

value of the home,” he cautions.

An article published on Property24 on May 25, 2022, features Ana Roberts of Just Property Upper Highway, who explains that another great benefit of downscaling is that small spaces require less furniture – a few great statement pieces allow for simple, minimalist décor and a beautiful, welcoming home at a fraction of the cost of furnishing a big house. And the cleaning is a breeze!

Less clutter equals less stress, and isn’t that what we are all looking for now?

Tips for cosy-home hunting:

Location, location, location – You want to remain close to your family and friends, and have ease of access to stores and other amenities such as doctors, hospitals etc. Narrow your search to areas that tick these boxes.

What are your deal breakers? Does the home offer the main assets that are important to you, for example, a good kitchen, nice family space,  shower etc?

Current wants vs future needs – If you are downsizing because the children have moved out and you are getting older, consider a single story with the ease of access rather than a property with stairs that may cause a problem later.

Growing pains – Will you be able to handle the upkeep of a big garden, or is it time for something smaller that is more manageable? Will your pets cope with a smaller space; is there somewhere nearby where you could walk them?

Fit for purpose – Will your favourite furniture fit in the new space? Make a list of every piece with which you can’t part. Take measurements. Then take a tape measure with you when you start narrowing down your list of potential new homes.

Storage war – Is there enough cupboard space in the bedrooms and the kitchen? Do you need outside storage too?

Peace of mind – Check the security features of each property you visit. Find out how safe the area is and what security is available. Ask the neighbours, chat to the local police, and phone a security company that focuses on the neighbourhood.

Guest appeal –  Consider how many bedrooms you will need going forward – if your kids have all moved out of home, you may only need one spare room for when they or your friends come to stay.

Paper trails – Remember to ask for compliance certificates, even those that aren’t required in your province (for example, gas installations and solar geysers should come with a compliance certificate – if something goes wrong and you don’t have one, your insurers may refuse to replace the geyser, or cover damage caused by a gas issue).

Complex questions – If you are moving into a complex or an apartment, be aware that there may be the added expense of levies, clubhouse fees and/or security. Ask about historical escalation rates and request a copy of the body corporate rules (if applicable.)

Ask your neighbours if there are any noise issues, does sound travel through the walls and ceiling? How old is the plumbing, the lifts etc – upgrading such items is very expensive and you’ll have to contribute. What parking is available for guests?

Compare listings

Compare