Why grandparents living with their kids and grandkids is on the rise

The trend towards densification in major centres is on the rise, driven by a need to cater for an ever-increasing demand for residential accommodation.

“In turn, this is seeing more families looking to multigenerational living to maximise their living amenities and benefits, while minimising costs through shared expenses,” says Pam Golding Properties. Families can band together for greater affordability and to secure mortgages.

Multigenerational living is a savvy decision, as it makes more financial sense to own a family home, rather than each family member trying to rent or acquire his/her own home – and being unable to enter the property market.

A house with a side cottage.

As an example, with consumers under economic pressure, a growing number of families are either seeking suitable houses for sale or are opting to build garden cottages to accommodate their parents. This trend spans three generations, with working parents who have schoolgoing children as well as their grandparents on the properties.

The advantages far outweigh any downsides: reduced and shared costs of home ownership and maintenance, improved security and built-in support – including care of children or ageing parents – versus some lack of privacy and managing the personal dynamics of living on the same property.

.

Ian Olivier, Pam Golding Properties area principal in Port Elizabeth, says that most demand for multigenerational living is for properties with a main, family-size house and an upmarket, reasonably spacious, self-contained flat, preferably with its own entrance.

He offers some sound advice – it’s advisable to lay down ground rules and have a formal, upfront agreement around privacy and splitting of expenses, tasks, chores and responsibilities.

Brought to you by Pam Golding Properties