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Multi-Generational Home Buying

Multi generation buying is nothing new, but it’s something that will change how we buy a home and can pass on a legacy to our children.

 

Have you considered buying a home with your parents, sisters, brothers? What if you combine your incomes together, and that afforded you to buy land, a home with separate entrances like a walk out basement. In which you will still have some privacy, but now you live in the perfect location and have the perfect home that fits all your needs. There are 3 things to consider that affect your budget for a home: Location, Condition, and Size of a home. In this market you have to give up at least one of these to be able to buy. But how about getting all of these, just by putting your income together with people you consider your family. Once you have built enough equity, you then would use that equity together to buy another home for the next member of the family, and so on. This is the epitome of Teamwork, Makes the Dream Work.

 

Let’s look at what a 3-bedroom single family home will cost.

 

  • Average price point $525,000.
  • Down payment FHA 3.5 $18,375
  • Closing Cost 1.5% $7,875

Total for closing 26,250 just to get the home. But what about being able to outbid other buyers. Do you have an extra 50k to outbid, right now buyers are outbidding by around 20% over asking. On top of that you’re not able to buy where you want, and or take the home as is.

So, you can see why combining your income, your resources, can help with the overwhelming cost and put your family in a position to save, and to build real estate wealth.

Rora Berhe

Glass Properties Group

Keller Williams Urban Elite.