The cost of nursing and long-term care means that many adult children are opting to care for their aging parents themselves to save money. In this situation, the type of home you have can make a big difference in the comfort of everyone living in it. Here are two suggestions on the types of home (or home features) that may make residing together easier.
A Twin Home
Although single-family homes are all the rage currently, if you are caring for your parents, you may want to consider investing in a twin home. This type of home is similar to a duplex, except the land the homes are built on is parceled into two sections, one for each house. Each side of a twin home can be owned by separate people or both homes can be owned by the one person.
A twin home makes sense in situations where your parents are still fairly independent but just need some mild assistance. One of the major benefits of having a twin home is that you can have a door built in the wall between the houses to allow for easy access between each space, so you don't have to enter/exit through the front door each time you want to check on your parents or they want to come over to your home.
Another benefit is that when your parents no longer need their side of the house, you can either rent it out for extra income or sell it to someone else (since it's considered a separate property). Additionally, this type of home setup will help protect your parents' dignity and your privacy, while affording you the advantages of essentially living together.
A House with an In-Law Apartment
If you have your heart set on a traditional single-family home, then another option is to get one that has an in-law apartment. Typically, these apartments within a home are situated above the garage and have a separate entrance. However, there are some that are completely separate from the home and sit next to or behind the main house.
Like with a twin home, an in-law apartment provides your parents with their own space, allowing them some privacy while also ensuring you can keep an eye on them and tend to their needs. If your parents move out or otherwise don't need the space any longer, you can rent it out or use it for other purposes, such as a home office or let your adult child move in.
For more recommendations on different homes that may fit your needs, contact a real estate agent and start looking for real estate for sale.
After thinking long and hard about what to do with my living situation, I finally made the decision that it was time to buy a house. I was tired of living paycheck to paycheck because of rent, so I began working with professionals to guide me in the right financial direction. I was able to find a great company that offered exactly what I wanted to learn, and they walked me through the financial aspects of home ownership. Within a few short months, I was living in a gorgeous new home that I absolutely loved. Check out this blog for great advice on home ownership.