With the cost of living increasing and its effects on families, intergenerational living has started to become more popular in Australian homes. Intergenerational living is where different generations live under the same roof, whether in the main house or within an extended space.
While this concept is not new, it comes with a range of unique benefits for each generation involved. But is it the right choice for you and your family? With that in mind, here are four reasons intergenerational living may be beneficial for you.
1. Rising Cost of Living Pressures
With multiple generations living together, this can assist with the cost of shared amenities such as electricity, gas and water bills. Furthermore, having the older generation within the same house can also provide relief in saving on daycare and aged care fees. With the cost of living increasing, younger generations are finding it more difficult to afford rent or purchase their own home. Thus, intergeneration living allows individuals the freedom of having their own living space, while still being under the same roof.
2. Keeping the family together
As our loved ones get older and we become busy with our lives, we tend to forget to stop by regularly and visit. Having different generations under one roof can help keep family traditions alive and create a stronger family unit. Research has shown that keeping the elderly involved with children has shown an increase in their health and quality of life. As they say, it takes a village to care for a child. Through intergenerational living, grandparents can assist in helping the parents raise children, all while creating a sense of community and still having the independence of living on their own.
3. Your own space under the one roof
Living in the same home as your parents or in-laws can become stressful and at times, draining. Through intergenerational living, the different generations can have separate living spaces, while staying on the same property. Woodford Homes have completed a range of intergenerational living extension projects, where the team have created separate and private areas of the home for both generations.
4. Adds value to your home
By upgrading your home to accommodate intergenerational living, whether through an extension or renovation, you can boost your home’s value. With the additional living spaces and amenities, your home can become a future property investment that you can rent out, if you wish.
While Intergenerational living can help keep the cost of living down, keep the family together and add value to your home, deciding if it’s the best for your family is crucial. Our highly experienced team at Woodford Homes can help your intergenerational living vision come to life with our home extensions. Get in contact with us today to see how we can benefit your living experience.
