Multi-gen living has some common pitfalls.
Avoid them with this expert advice.
Multi-gen homes have several financial and emotional benefits.
Credit:Getty Images / Ippei Naoi
However, they also come with challenges, such as a lack of privacy.
Finances
Living in amultigenerational homecan be great for saving money and mutual support.
Still, it takes planning to make it work.
you could divide them equally or based on what each person can afford.
Consider setting up a shared bank account for household expenses.
These kinds of financial organizational tools can normalize shared responsibility.
Encourage everyone in the household to have individual savings and emergency funds, too.
As family members age, there may be extra medical bills or caregiving needs.
Planning ahead for things like healthcare or estate planning can make things easier later on," advises Boschulte.
Living in a multigenerational household could spell tax breaks or deductions for caregiving or number of dependents.
A financial advisor or tax professional can help determine how these benefits might apply.
Communication
“The foundation of a successful multigenerational home starts with clear communication about personal boundaries and shared spaces.
Financial discussions must also happen upfront, and conversations about bill-sharing and budget management should happen comfortably.
Creating a framework for how decisions are made could also help prevent future conflicts.
Assess how your family handles conflict and communicates through challenges as these patterns will intensify in shared living spaces.
If certain family members already have friction even before living together, reconsider.
Burden Sharing
Besides financial contributions, families should also discuss other household chores and responsibilities.
Caregiving expectationseldercare and babysittingneed to be clarified and not imposed, for example.
Certified financial planner,Sherry Finkel Murphy, asks, “What help is needed by parents and children?
She says families should be very clear on obligations concerning the division of labor in thehome’s upkeep.
If theres constant fighting over dirty dishes or car keys, conflictual communication patterns may be to blame.
Call in a neutral outsider or therapist to help chart a way forward.
Awell-designed living roomcreates an inviting gathering space.
At the same time, separate wings or private suites offer peaceful retreats.
And don’t overlook basic needs like ensuring adequate parking and storage for all.
Remember to look for ground-floor bedrooms for those who cant climb stairs.
Timing
Timing is vital in determining if a multigenerational home is a good fit.
Consider how shared living aligns with each member’s current and future plans.
Thinking ahead will help ensure a smooth and beneficial transition for everyone involved.
