Multi-Generational or Multi-Income Homes 🏡

We are hearing more about it and seeing more of this type of living arrangement these days. Whether it’s multi-generational or friends buying homes together, this seems to be a hot topic. 🔥

For reference, multi-generational homes, where more than two generations live under one roof. 🏠

These two types of arrangements offer several advantages:

Financially Beneficial 💰: Sharing a home can significantly reduce individual living costs, such as utilities, mortgage payments, and maintenance expenses. It also allows families to pool their resources for better financial stability, often times affording all the “wants” in the house as multiple incomes qualify for one mortgage.

Enhanced Family Support 👨‍👩‍👧‍👦: These homes foster a supportive environment where family members assist each other in daily tasks, childcare, eldercare, and emotional support, reducing the need for external services.

Cultural Preservation 🎎: Living in multi-generational homes helps preserve cultural heritage and traditions by passing them directly from one generation to the next, reinforcing family values and bonds.

Improved Health and Wellbeing 🌱: Studies suggest that individuals living in multi-generational homes experience better emotional and psychological health. The elderly often feel more engaged and less isolated, while younger family members benefit from the wisdom and guidance of their elders.

Environmentally Friendly 🌍: By consolidating households, families can reduce their overall environmental footprint, leading to lower energy consumption and less waste production.

Canadians are getting creative:
– Laneway homes – to help offset household costs and increase revenue into the household 🏘️
– Joining multi-generations to reduce financial stress 💸
– Renovating and renting out a suite or basement 🛠️
– Purchasing a home in a municipality that will allow for an additional dwelling 📜

If you are looking for suggestions on how to get into the housing market or want to talk about ways to increase your current cash flow by renovating and creating a rental income suite, now is the time to connect and start planning. 📈

Click here to book a time to connect and review your question.

Talk soon,

Ana

Mortgages can be complicated; we are here to help you make “cents” of it.

We focus on Mortgage Solutions, Period!

To learn more connect with Ana Cruz 905.870.0513 or email at ana@askanacruz.ca