On the market: Making room for Mom
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Multi-generational home buying appears to be growing in popularity.
According to an online survey by Coldwell Banker Real Estate, 37% of the 2,360 real estate agents who responded cited an increase in the number of families looking for homes to accommodate multiple generations in the past year and said they anticipated increased demand for these types of homes in 2010.
“While it is still a buyer’s market, sellers who have homes with separate living areas within it may have the upper hand,’ says Diann Patton, a real estate consumer specialist with Coldwell Banker.
‘People with mother-in-law suites or additional spaces that could accommodate a family interested in a multi-generational living arrangement should highlight this aspect of the home when selling. Whether it’s a garage apartment or refurbished basement, this separate space can help one home stand apart from the others on its block.”
What’s driving the interest? Financial reasons (39%) were cited as the main factor. Health-care issues (29%) and strong family bonds (6%) also play a role. And 27% were unsure of the reason.
No matter what the motive, multi-generation home buyers need to consider the big picture, says Doug Dickstein, 38, owner of Glendale-based Right at Home, a care-giving agency that provides in-home help and assistance to Southland families.
“You want to factor in your housing needs as you grow older and the kids grow older and your parents grow older,” Dickstein says. “It may be great that Mom can live in the guesthouse over the garage right now. But be prepared for the day ... when mom might have to move inside the house,’ he says. ‘At that point, the guesthouse might work for the son who wants his own space. So you have to think beyond your needs in 2010 and think about what those needs might be 10 years from now.”
In addition to determining the needs of each family member when buying a multi-generational home, expect to compromise and have realistic expectations, experts say.
Put everything in writing. Consider signing a family contract that lists financial responsibilities and chores. Before closing the deal, check zoning rules and city ordinances and building codes that might prevent you from turning a home into a multifamily unit or adding to an existing property. And while you may not plan to charge granny rent each month, make sure you understand local laws and rent restrictions on second units that could prevent you from legally renting out or using a second dwelling.
In addition, Dickstein says, be sure to factor emotion into your multi-generational family home. “You are still your own people. It sounds great and like the responsible thing to do on paper, but it is not always easy. Some people find it very rewarding. But it is important to try not to baby your parents,” he says.
Robbie Monsma, 57, a retired real estate attorney and mediator, knows exactly what Dickstein means.
“Some days it’s like I am the mother and my mother is the child,” Monsma says. “Fortunately, we have a good relationship and can laugh about things.”
In 2009, Monsma and her husband, Durham, a retired publisher, were living in her mother’s Laguna Woods condo, after selling their Stamford, Conn., home the year before.
When Robbie Monsma’s mother, Becky Cook, 83, suffered a stroke in September of last year, the couple, who were in Denver shopping for a retirement condo, flew back to the Southland to care for her.
Over the next few months, the couple shelved their retirement plans and eventually moved into the 3,500-square-foot Northridge home -- also owned by her mother -- that Monsma left as a young adult. They permanently changed their address to the Northridge home six weeks ago.
“It’s weird to move back into the house where you grew up,’ she says. ‘But now I am back, living in my old room with my husband.”
The three-bedroom, four-bathroom ranch-style home was built in 1966 and has an office, a pool, a converted garage that serves as a gym, and lots of storage space. Even with room to move, Monsma says the generation gap can make it tricky to negotiate maintenance and upgrades.
‘I wanted to put in wireless Internet. That was an extra expense,” she says.
“My mother is of a generation where you make do with things, so we had some differences when we needed to remodel the bathroom to accommodate her wheelchair. But I also have to keep the house up and make sure we do things that will update and modernize the property for resale at some point. So you really have to think about what kind of maintenance is important. My mother signed everything over to me, and I am in fiduciary position, so I have have to think about what kind of maintenance is important and still factor in my mother’s financial needs,” she says.
Despite its challenges, Monsma says the multi-generational home has its pluses.
“With caregivers and family and friends coming in all the time, you have to get used to sharing your space. I feel like I run a salon sometimes, because my mom’s friends are of a generation where you just show up. And I am not used to that,” she says. “But I am actually enjoying getting to know her friends.”
Here are a few properties on the market with room for more than one generation.
1001 N. Muriel Ave., ComptonListed at $169,000 on Trulia.com, this two-bedroom, one-bathroom single-family built in 1925 has 968 square feet and a granny flat in the back with about 250 square feet (built before the city was incorporated) with a bathroom and a kitchenette, according to listing agent Tom Swanner, broker-owner of Century 21 Results in Lakewood. “This property has some code violations that need to be remedied because of some overbuilding in the garage by the previous owner. It would be best for someone who is a builder or a handyman,” he says. “But it is in a charming neighborhood and on big lot that has both front and rear RV access. The price is discounted because of the code-enforcement issues.”
121 W. State St., PasadenaListed at $650,000 on Trulia, this three-bedroom, one-bathroom single-family 1925 bungalow has 1,227 square feet main house with French doors that open to a patio area with a terraced garden and spa. The property also features an additional 200-square-foot one-bedroom, one-bathroom guest house with a new bathroom that is plumbed for a kitchen.
25748 Dark Creek Road, CalabasasListed on Trulia since Feb. 28, this five-bedroom, four-bathroom ranch-style home built in 1959 is on one acre and has 4,260 square feet (2,230 square feet and four-bedrooms and three-bathrooms on assessor records). The main house features wood-beamed ceilings and hardwood floors. The acre lot includes a two-story barn