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Wednesday, November 26, 2014

Buying a house? Make sure you have plenty of room - aging parents are moving in with their kids

Interesting article at Marketwatch - excerpts below, but you should read the whole thing there.





While much has been written about millennial children boomeranging back to live with their parents, there’s another group of people who have been quietly doubling up: baby boomers and their own aging parents. And some expect this particular trend to hold even with an improving economy, as people live longer and require more care at the end of their lives.

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A recent survey by the American Institute of Architects found that dedicated guest rooms, including in-law suites (that can be as simple as a secondary master bedroom suite with a bathroom), have been gaining in popularity over the past couple of years. In 2014, 39% of respondents in a group of more than 500 residential architecture firms said they were seeing more demand for this feature, compared with 26% who said the same in 2013 and 10% in 2012. Also getting hotter: Home features that accommodate multiple generations and age-in-place features.

“As many households become caretakers for aging relatives, separate living suites have become popular options for accommodations,” said Kermit Baker, chief economist for AIA,in a news release.

What’s more, an analysis from real-estate website Trulia found that there has been an increase in the share of seniors living with relatives over the past 20 years.

Home accommodations for aging parents

Sometimes, aging parents will front the costs for creating extra space in their grown children’s homes, whether through a remodel of an existing home or the building of an extra suite in a new home, said Harold “Bud” Dietrich, an architect in the Tampa Bay, Fla., area. Other times, their children have the foresight in, perhaps, their 40s, to purchase a home with spaces that will serve their aging parents down the road — assuming they will ultimately live with them.

These suites can be as simple as a second master bedroom and bath or as elaborate as a wing with a bedroom, kitchenette, sitting area, bathroom and separate door to the outside, Dietrich said. Oftentimes, these areas are made to be accessible, largely to prevent trips and falls.

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