An old tradition of multigenerational living is becoming quite popular in North America. Whether it be for financial reasons or keeping parents and grand-parents close, this trend is here to stay.
As a result of overheated housing markets and stagnant wages in major cities such as Vancouver and Toronto, the composition of the average Canadian household is changing. According to a recent report conducted by Pollara, 40 percent of first-time buyers will have to look to their parents to assist in their home purchase, in addition to making lifestyle cutbacks or seriously delaying their purchasing time-line due to financial constraints. In response, an increasing number of families are choosing to pool funds and share accommodations, returning to the old tradition of multigenerational living.
Multigenerational living has extended to include parents, grand-parents, children and extended family who choose to stay together for a myriad of reasons – for instance, as an alternative to sending aging parents and grand-parents to retirement facilities.
The physical format of this co-inhabitance has also changed. Rather than sequestering parties to basement suites, families are instead opting to make serious modifications to their homes, in the form of side, back or second floor additions. For many families choosing to go this route, it will be a major, and sometimes difficult adjustment.
Though the economic benefits of this lifestyle trend are plain, making a multigenerational living situation work takes patience, flexibility and planning. In a long-term situation, families might want to consider financing additions to their homes. “Having somewhat truncated spaces within the home will allow everyone to design their space uniquely, ultimately easing the transition.” says Bole Cirovic of Modular Home Additions. “We work with many families that are in transition and are looking for ways to bring their family together under one roof while still maintaining some sense of individuality and privacy.”
Working with experts like those at Modular Home Additions will make the process much easier. They can suggest the most cost effective, and time saving options to add more space to your home. Modular Home Additions works with clients from start to finish; from designing a space customized to your needs right down to the last final touch. They use a unique process that allows them to do a lot of the work in advance, keeping the on-site renovation process as short and sweet as possible. Using their system, they can add a full second storey to your home and have everything ready for interior finishing by the third day!
Having adequate space available for the whole family, designed to accommodate each person’s needs, will help to ensure that each family member feels at home. Adding an addition, especially in the more popular neighborhoods, is oft en a more affordable and more desirable alternative to moving into a larger home. You can create a space that accommodates everyone while remaining in the home you love, with only a short interruption to your home thanks to Modular’s unique process!