Bringing Families Together
For some, the idea of spending their senior years in a retirement community does not appeal. Accessory Dwelling Units can be the answer, providing multi-generational families the option to live in close proximity but still providing privacy and independence.
Increased Living Space
One of the most commonly known options is the “Granny” or “In-Law” Suite. Most of the time, the basement of a home has been converted into a compact but functional unit providing all the comforts of home with a separate entrance to ensure privacy. Another option is to convert a garage into a studio space or build a laneway or tiny home on the property that is completely separate from the primary residence. Whether it’s to provide a home for an adult child or to support aging parents, Accessory Dwellings are a wonderful way to bring or keep families close together.
Income Options
By combining two families into one household, the financial burden can be eased by splitting household expenses. Younger families can benefit from having their parents close by to help to alleviate the stress of finding and paying for daycare. They can also benefit from taking less time off of work to care for children when they are sick or have PA days, March Break or summer vacation. Grandparents benefit by having the support they need as they grow older and decreased living expenses.
Market Trends
As people retire later and live longer, more active lives, the need for housing for retirees is growing faster than the demand can be filled. More and more, retirees are looking to maintain their independence and age in place. To achieve this, many are turning to moving in with family or having their family move in with them. Research shows that the number of multigenerational homes is on the rise due to increased immigration, inflation and soaring interest rates.