Feb 112019
 

There are many reasons to buy a home for you to live in. Any financial advisor will tell you so. But there are some reasons that maybe home ownership is not for you. We’ll go over those and you can decide if they apply to you.

Situation #1: If you have a job where you are often transferred to another location in the country, renting probably is better for you.

Situation #2: You don’t care about throwing away your money, building someone else’s wealth, instead of building home equity in an investment, renting is perfect for you.

Situation #3: Being in charge of home maintenance is just not your thing, as in you want to call someone when something breaks. Renting probably works best for you but there are options even if you own your home.

Situation #4: You’re not good with paying bills on time, renting is your ONLY choice as you’ll never get financing for a mortgage. And even renting might be difficult.

Situation #5: You prefer mom’s home cooked meals. Well maybe she could move in with you.

As you see there are some legitimate reasons to not buy a home but these days there are options that can still work in some of these situations.

With #1 it just depends on the job and if that is more important than home ownership, and #2 is acceptable. If you know you’ll eventually settle in one area, you could bu

Home values continue to go up!

y a home and rent it out when not based in that location. In that case you are on the receiving end of #2.

If #2 is your choice, landlords will love you.

With #3 Many people don’t like that they are in charge of home maintenance but there are options for them. If you buy a condominium, you will only buy the inside and the association will maintain the exterior, but you do pay a fee for that. Another option is there are service or home warranty companies that for an annual fee will come do repairs as needed for a set or discounted amount.

#4 is a credit killer. And without credit you’ll never have a chance to buy a home. If you are serious, you’ll need to pay all your bills on time for at least a year. And you might qualify for some rent-to-own options, but even then, your credit needs to be clean.

#5 So you don’t like to cook and mom’s the best in the world for you. It’s not uncommon these days to consider multi-generational homes, where parents live with their children and grandchildren. These homes often have a guest suit or in-law’s quarters. You get mom’s cooking and a built-in babysitter.

As you see in the chart, home values continue to climb. If you’re just not sure we’re here to help! We’ll be happy to meet with you one on one and discuss your personal situation and see what your best options would be. Sometimes that’s a long-term plan and we’ll help you every step of the way. Call or text The Derrick Team at 317-563-1110. We work 7 days a week, evenings too.

 

 

 

 

 

 

 

 

 

 

Aug 202014
 

What is a multi-generational home you might ask. Reading a recent PEW report you’ll see there is some debate about that. But we won’t dive into that in this post. We’ll go more into a multigen (short for multi-generational) typical layout and what we see buyers looking for. So for now we’ll just say a home with 2 generations of adults living under the same roof, as that is a growing trend these days. A typical description is a home with in-law quarters as often it’s elderly parents with health issues moving in with their middle aged children so the children can be readily available to take care of them.

Multigenerational homes have been common in other cultures for centuries. It typically was expected for the children to live with aging parents while still having their own children living with them. In older sections of Europe homes are retained by a family for generations and thus designed with that in mind. It’s also common practice in Asian & Hispanic families to have multiple generations under one roof. Here in the U.S. it’s typically more of economic reasons that are starting to drive the multigen home trend. Adult children move back in with their parents for the financial support and elderly parents move in because of growing healthcare expenses and needs.

In-law Quarters

A very nice inlaw quarters in our listing in Avon. Includes private elevator from garage.

The trend we’ve seen as Realtors in Central Indiana is that in larger homes (6000 sq ft and larger) buyers are looking to see if there is a separate area that would give the parents some privacy and would be easily accessible (no stairs usually). This area should have a bedroom, full bathroom, and an area to set up a small kitchenette. But the ideal setup they really like to see includes a full kitchen, living room, laundry area, and a separate entrance to the outside or garage. The idea is that those living in this area can have total independence but still be just on the other side of a doorway.*

It’s becoming popular enough that if you Google multigen homes you’ll find several sites offering floor plans. And as mentioned before, we are finding that buyers are out looking at larger homes with their aging parents in mind. So if you find you’re thinking having your home remodeled for this purpose, be sure and check local zoning requirements first. Then check with a Realtor for local trends, as you want to make sure that on down the road the changes you make will not affect the sale of the home in a negative way. Otherwise you might want to check into local builders that are building homes designed for multigen homes in areas already zoned for them. We’re thinking multigen homes are going to become much more common in the near future.

If you’re in the market for a multigen home, need to sell yours, or just have questions about remodeling your own home for one, don’t hesitate to call or text The Derrick Team at 317-563-1110 or shoot us an email at DerrickTeam@DerrickTeam.com

* It should be noted that this area has access to enter the home so this is not the same as an apartment. If you try to secure the home entry you now you have a multi-family home, which is zoned differently and is not usually allowed in typical neighborhoods. So if you plan to remodel your home for an in-law quarters be sure and check your local zoning first.

%d bloggers like this: