Multigenerational Housing

[Axtremus]

Multigenerational living was the norm throughout the 19th century and part of the 20th century in the USA.

[Jolly]

Something you used to see a lot, but seldom see now, is the garage apartment.

If you were building a garage, building the second floor wasn't that much more cost. Many times the rent would pay for the garage and a bit on the home mortgage.

[xenon]

I'm considering it - my parents aren't that old yet, but as the oldest sibling in an Indian household, at some point they're going to start living with me again.

Not really a financial consideration - but it would be a massive financial bump.

[Mik]

God love ya for taking care of them. Thats a loving thing to do.

[Axtremus]

It takes a village to raise the young.
It takes a village to care for the old.

[LuFins Dad]

@Axtremus said in Multigenerational Housing:

It takes a village to raise the young.
It takes a village to care for the old.

No. No it doesn’t. Get your hands off my kids and off my parents.

[xenon]

@Mik said in Multigenerational Housing:

God love ya for taking care of them. Thats a loving thing to do.

Thanks, Mik. It is curious though - I definitely have an individualistic side to me since I grew up in the West. I've noticed my parents have grown one as well - they've become very particular about their own routine.

It would be an interesting adjustment on both ends to make it work.

[Jolly]

If I had the money and the space, I'd look very hard at a MIL house.

Just a hair bigger than a tiny home at about 400-600sqft, you build it from the get-go for ease of use. Wider doors, easy access cabinets, walk-in tubs, taller toilet, etc.

It gives the parent(s) a lot more privacy and it's their "home", yet it's right there by the child's home. And if and when something happens to the parents, it's easily converted to rental property.

[89th]

@Horace said in Multigenerational Housing:

Maybe now is the time to lock in a fat 30 year mortgage. Those dollars are going to be confetti in a couple decades.

We were lucky to lock in at 2.75% in March 2021, or unlucky in that it was probably like 2.15% a month prior. Anyway... my strategy is to buy a million dollars of stamps, then resell them in 10 years.

[Horace]

@89th said in Multigenerational Housing:

@Horace said in Multigenerational Housing:

Maybe now is the time to lock in a fat 30 year mortgage. Those dollars are going to be confetti in a couple decades.

We were lucky to lock in at 2.75% in March 2021, or unlucky in that it was probably like 2.15% a month prior. Anyway... my strategy is to buy a million dollars of stamps, then resell them in 10 years.

Awesome. Interest rates can be refinanced down the road when they come down. The principal is forever.