One in five Australian households have adults from two or more generations living under one roof. Multi-generational living has established the need for foresight in property investment, encouraging new buyers to ask the question: where will my family be in 10 years time?
According to the ABS, the number of related individuals living in family households is projected to increase to between 781,000 and 815, 000 in 2036. So why choose multi-generational living?
It takes a village to raise a child. We understand how difficult finding the balance between work and family can be. Multi-generational living allows children to be surrounded with extended family and further assists you with those essential tasks that need to be met daily, like picking the kids up from school or packing daily lunches.
Multi-generational living is the perfect opportunity to create a consistent family environment of support and care through all generations.
Are you set on that large family home, but struggling to find the funds for it? Multi-generational living is the way to go. Co-purchasing a home can assist in getting you to where you want to be. With over 4 million Australians living in multi-generational homes, Sydney leads the way with 1 in 4 people in this living situation.
Housing affordability is becoming increasing difficult when choosing to live in the central areas of a major city, but with effective planning, you can purchase your dream property in your dream location and be surrounded by family at the same time. Sounds like a fantastic deal to us!
Dr Edgar Liu from the University of NSW’s Future Research Centre has said the biggest factor driving families to live together in the modern age is companionship. 55% of families cited this as the main reason for their decision, with only 10% doing it purely for financial reasons. Although privacy and space are important considerations, multi-generational living is a fantastic way for families to stay connected, allowing for greater inter-generational connections.
If multi-generational living is something you are contemplating for your family, it is a good idea to immerse yourself in the vision of ‘future proofing’ prior to purchasing your next property.
Envision where you will be in 10 years time. Create multiple living spaces through the use of kitchenettes and multiple entrances to your home. Wheelchair proof your flooring when you purchase and think about creating wide door frames and a wheelchair friendly bathroom for potential future use.
Make sure everyone in the home has their own space by creating study nooks and having multiple living areas. Statistics are proving this cost-effective way of life may be the future in terms of family living so why not consider it for your family today.