There are hundreds of ways to save every day and have healthier finances. As the economy changes, people’s living and spending habits change too. One of the things that have increased over the last few years is multigenerational living. Having an elderly parent move in has always been common. However, people are no longer waiting until their parents need extra help to share a home with them. Adults are both living with their parents longer when they’re younger and moving their parents in with them earlier. There are fantastic money-saving benefits, plus it brings families together. If a parent (or more than one) is moving in with you, make sure you’re ready.
The first thing you should decide is whether you’re going to stay put. When families move in together, they sometimes decide to get a new home. There are several benefits to moving elsewhere. You can pool your funds together to ensure you can get a larger home. You’ll all be able to have your say and get what you want. Your current home might have a spare room, but is there enough space for everyone to live their own lives? If you move, you can look for somewhere with an annexe or a small cottage for your parent or parents.
If you do decide to stay put, you need to make sure your parent has their own space. There are a number of ways to do this. They might just be occupying a spare bedroom you have available. However, if you want to give them more space, there are other options to consider. The possibility of an annexe or studio might appeal to them and give them more independence. You could convert part of your home or add on to it if there is space. Consider using your garage, for example. Don’t forget to think about accessibility.
Before your parent arrives, you’ll have to think about their things. It’s unlikely you’ll be bringing everything they own into your home. When you hire movers, you might want someone like Two Men And A Truck to also provide storage. There’s likely to be furniture and other items that you won’t have space for. Arrange to sort through their things and decide what will happen to everything. You should also set a date for moving so that you can start preparing for the big day.
Selling Their Home
If your parent owns their home, you might be selling it. If you’re buying a new property together, the proceeds might go towards this. However, if they’re moving into your existing home, you might have other things to consider. Perhaps some of the money will help to pay for their living expenses. Some of it might be put aside to pay for future care that could be required. Another option is to keep their property and rent it out for income.
Moving in a parent can save money and bring you closer together. But don’t forget to make sure everyone has their own space.