While the real estate industry has seen a recent upward trend of young adults buying homes with their parents and choosing to live under one roof together, there has also been an increase in young adults living very close to mom and dad. Close as in next-door neighbors. Because sometimes living together is too close for comfort and living close by will have to do. While they may not share a roof, they certainly share the same zip code. Whether they want a place to call their own or they are just looking for a (little) bit of distance from one another, young adults are relishing the idea that you can live next to mom and dad due to convenience and ease.
(You may find this an interesting read: NBC’s Who’s really living with mom & dad AND BloomburgView Going on Thirty, Living with Mom & Dad)
New condominium developments are popping up all over metropolitan areas like Vancouver and offering great one, two, and three bedroom units for sale. It is not unusual for mom and dad to purchase a unit for them, and then help their child purchase a unit in the same building. As parents are downsizing, they are also upsizing the real estate portfolio of their children and sharing the wealth now as opposed to after their death. Multiple generations are benefitting from the accessibility and amenities of a condominium development by not only sharing resources, but by sharing the same address as well.
Another common scenario with multiple generations living as neighbors is for family members to essentially house swap. If a property has a carriage home, otherwise known as a lane house, it is not surprising when mom or dad choose to move to the smaller property and their child moves into the house. While the space is separated by a yard, each home has their own kitchen, living area(s) and bedroom(s) for residents to retreat to and away from one another. A dinner invite only requires a stroll across the lawn.
Reasons for living close to mom and dad may not just be for financial purposes. There is also the practical rationale that you are there for one another, whether it is to help in times of illness, assist with grandchildren or simply to spend more time together. Furthermore, resources can often be shared, such as cars and tools, and duties can be divided when it comes to property maintenance or even the care of a family pet. The benefits of living close to mom and dad are not only measured in financial means, but also in psychological.
With close proximity, there are some close rules to consider. Adult children are adults first and foremost and should not act like perpetual children with mom and dad living nearby. This is not an opportunity to freeload and there should be no expectation for mom to have a hot meal on your table every night. Furthermore, boundaries should be set as to when and where family members can stop by or even walk on in to their family member’s home. Respect each other’s space. Finally, have a plan in place in case someone wants to move out or move on. Until that time comes, simply enjoy being neighbors.
Whether you are looking to move out, or looking to move closer, we’ll make sure your moving day is stress free. Visit our long distance moving companies website for a free quote on your next move.