Plan Carefully When Buying a Home With Parents

The rising cost of long-term care for seniors, combined with rising real estate prices, are making multi-generational co-ownership of a shared family home an increasingly attractive proposition. In theory, everyone in the family benefits from a multi-generational living arrangement. Grandparents can downsize into a smaller, affordable living space in close proximity to their children and grandchildren. The grandparents gain proximity to a family support network that will help care for them in later years, perhaps forestalling the day when they are forced to consider a nursing home or some other form of long-term care. Younger family members also benefit when they share a dwelling with grandparents: help with looking after the grandchildren, an extra hand at mealtime, or help with financing the purchase of the young family’s first home. According to the Pew Research Center, over 64 million people live in “multi-generational households,” which Pew defines as…

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