Multi-generational homes have become popular as living costs soar

Faced with skyrocketing costs of living, some people are trying to isolate themselves from the bleak economic future with one simple measure: bringing their families closer to home.

About 66 percent of 50- to 65-year-olds own their home. If two or more members of a family sold their mortgage-free properties and pooled their resources, they could afford to buy one large house, big enough to meet the needs of several generations.

This kind of multigenerational life is already happening rather than theorizing pie in the sky.

Northstone, a homebuilder based in the North West of England with 1,300 new homes in the pipeline, is set to build a multi-generational home at its Horwich site and then build two or three on each of its new developments.

These will be homes with four bedrooms and an adjacent single storey outbuilding clad in black wood.

The idea is for families to eat together in the main house but have their own separate area in the annex – ideal for a younger generation or their baby boomer grandparents.

“People are saving on operating costs, energy and transportation and not having to worry about rising mortgage rates,” said Richard O’Brien, design director at Northstone.

But it’s not just about finances. It means that the elderly have the comfort of knowing that their family is close by and that the young can save some money.’

Multi-generation homes can often also be converted from older homes. John Appleby, 43, from Pembrokeshire, chose this path as a direct response to the mini-Budget.

‘I was originally planning to renew my mortgage to buy a £900,000 house, but the rising interest rates put me off,’ says John, who has a wife and two young children.

Instead, my mother sold her bungalow and we are now planning to buy a house for about £800,000, big enough for all of us.’

West Wales offers many opportunities for multi-generational living. ‘We have ideal properties, such as large farms with converted barns in the yard for boomerang children,’ says Carol Peett of West Wales Property Finders.

“We even have tall mansions in places like Carmarthen or Tenby if you’re not looking for a country lifestyle.”

The average price of a detached house in West Wales is £324,000.

Cozy: Grandparents can help too and know their family is close

The success of multigenerational living depends on how families interact. Fortunately things went well for school office worker Julie Smith, 49, when she decided to build a £630,000 house with daughter Sophie, 16, in the Berkeley Homes development in Woodhurst Park, Warfield, Berkshire, alongside mother Betty. , 80.

“We couldn’t be happier,” says Julie. “That’s mainly because the house is big enough to be apart if we want to.” In fact, members of the family have one floor each in this four-bedroom, three-story home.

While multigenerational life isn’t for everyone, parents can also help with their children’s finances by moving into a home near them and helping to care for the grandchildren. Childcare is so expensive these days.

According to a survey by the charity Pregnant Then Screwed, a third of parents believe the cost of childcare in the summer is equal to or greater than what they earn.

Brian Stubbs, 73, and his wife Christine used to travel from their home in St. Albans to care for their grandchildren near Bedford.

However, the journey up the M1 meant they couldn’t help out as often as they would have liked. Their response was to buy a house from David Wilson in Clipstone Park, Leighton Buzzard.

‘We have freed up £100,000 on the move because Leighton Buzzard is a cheaper area and save money on petrol by avoiding the M1’, says Brian.

‘But the biggest advantage is in the saved daycare costs and the satisfaction of seeing the children so often.’

Ian Millward, 59, and wife Karen, 64, sold their Derby home for £515,000 and bought a new home with Ian’s parents, both over 80.

Together they bought a five-bedroom property in the Burrington Estates Harbor Reach development in Fowey, Cornwall, for £610,000.

‘We are thoroughly enjoying our new life on the Cornish coast,’ says Ian, whose son and daughter in their twenties visit us whenever they can.

“Moving to another part of the country and leaving our old friends behind was an emotional decision, but you rarely regret the things you do in life. You only regret the things you don’t do.’