Here are Michael Graham’s top tips for avoiding the pitfalls and making multi-generational homes work:
- For parents the biggest cause of disputes is their children (often with a partner in tow) treating the house like a hotel. Draw up a rota for household chores.
- If the care of an elderly relative or grandchild is in the mix, discuss and agree who will be responsible for what and when.
- Money is often the root cause of all family rifts. From the outset, decide how bills will be split.
- Adjust your home’s contents insurance.
- Consider any necessary home improvements. A practical bathroom is key for elderly relatives and is also the easiest room to convert. A wet room is the ultimate crowd pleaser as it eliminates the trip hazard associated with shower enclosures and trays whilst adding a luxury spa-style feel to the space. It’s also easy to clean - back to the first point.
- If you decide to pool resources and buy a new property, decide who will be the home owner. Will it be owned outright by one party or will it be shared? If owned outright, discuss what will happen in the event of a death or if the owner decides to sell. If shared, there are two options. In a Joint Tenancy the home is owned in equal part by two tenants. If the agreement is Tenants in Common, each party has a fixed share of the property.
- If the house is in the name of elderly parents there will be inheritance tax issues to consider. Consult a lawyer for tax-planning advice and get the key points set down in black and white.
- No matter what, keep talking to each other.
Are you living in a multi-generational home? We’d love to hear your advice for making it work. Please get in touch with us here at Michael Graham in the usual way, and for town and country properties with plenty of space for everyone, browse our Buy page.
