Thinking of having an multigenerational home? You need to consider the pros and cons.

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From The New York Times: Before You Move in With Family: A Checklist

Multigenerational housing can make sense in many ways: Older parents can be near their adult children in the event of health issues or emergencies, and when there are young grandchildren, having another set of adults around can make child-rearing easier. But there are a number of things that should be sorted out before deciding to share a home.  

Jessica, left, and Keith Peterson share
a two-family home with Jessica's mother, Beth Lyons,
in Monroe, Conn.Credit
Jane Beiles for The New York Times

Deal-breakers: Have everyone list their must-have items and create a list that you can stick to during house hunting. Jessica Peterson was glad that she and her parents got everything they wanted in their multifamily home in Connecticut. “The last thing I wanted was to push my parents into a place where they were going to be constantly complaining about how they didn’t want to live here,” she said.
Finances: Consider who will pay for what, and how everything will get paid. If aging parents still work, how will they deal with expenses after retirement? In addition to the home purchase, don’t forget to factor in other costs, including property taxes, renovations, monthly expenses like utilities, cable and internet service, and exterior tasks like gardening and landscaping.

 Maintenance: Who will manage the maintenance of the house — not just landscaping, but things like snow removal and gutter cleaning? 

Caregiving: What role will grandparents play in the lives of their grandchildren? Will they be regular babysitters?  And if an aging parent requires care, how much responsibility will fall on the adult child living in the house? Are there other adult children who need to be consulted?

Exit strategy: If a family member moves out (or on), what can will be done with the unused space? Who will receive what portion of the sale?  

Other family members: What will happen to the other spouse’s aging parents if they need care? If adult children have siblings who do not share ownership of the house, how will their inheritance be settled?

Sound scary?  Isn't family living always scary?  But, hey, there's always the built-in babysitter!

Read the column at NYTIMES.COM

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