These days I hear, on a fairly regular basis… “This house would work because there’s a room for Mom” or “Could we add on here to make this room bigger for Dad?”. I notice these comments much more these days, and I think it’s wonderful. As a parent, we naturally purchase homes that work for our children (schools, number of bedrooms, yard size, etc.). How great to see more people planning their home purchase with Mom and Dad in mind, too!
According to the National Association of Professional Geriatric Care Managers, from 2000 to 2007, the number of parents living with their adult children increased 64%. I have personally noticed this huge change from when I sold homes 13 years ago, to today. If this is an option you’ve thought seriously about, you’re not alone!
Take time to go over and plan for long-term financial and logistical considerations. Ask your Realtor about what types of homes are available that work with the concept of having Mom stay, maybe after a small remodel. Your Lender can help with a refinance or a “remodel loan” with equity pulled out based on what a home would be worth after the remodel.
It doesn’t hurt to think about it. If it works, great. If not, that’s okay, too. Maybe try it for a year and see how it goes, for ALL of you! Mom might just really want her own place ;-).