For the first time in history, families in Australia are finding themselves living in multi-generational homes, with a combination of factors to blame. With the average home in Sydney having increased four times in price since 2000, home ownership is an out of reach option for many young Australians. Now it seems that less than half of all 24 to 34-year-olds own a home, with a large proportion of them living at home for longer as education takes precedence and goals like marriage and children are being put off for later and later.
Despite these statistics, the myth of the ‘Failure to Launch’ generation is just that – a myth. Research finds that despite young folk living at home, they are still actively working towards future financial stability and avoiding bad credit. Less young Australians have credit cards than ever before and are also saving more than the financial national average.
It seems that the reality for most is to stay at home with their parents and contribute where they can – saving up to get on the property ladder while paying off student loan debts, something a third of young Australians will have.
Of course, this is easier said than done. Having an adult child live at home is bound to cause clashes, causing many to lapse back into the adult-child dynamic, creating conflict regarding chores, waking hours and partying.
Thankfully with just a small extension to the family home, multi-generational living can easily be managed. And the best part is that everyone wins. An extension will also add value to the future selling price of your home for what will amount to a small investment, allowing both adults and their adult children to co-exist without getting in each others’ way.
The easiest and most popular way to do this is by converting a freestanding garage or pool house into a flatlet, which can be rented out in the future. Another option would be to add an extension to your existing home, providing a separate bathroom and living area but leaving larger areas such a the kitchen as a shared communal space. Once the area is vacated, it can easily be converted to spare rooms or even a gym or craft room if you don’t want to rent it out.
When faced with the possibility of sharing a living space with family, don’t panic. There is an affordable option, and all it could take is a simple phone call to your nearest and trusted home builders.