Moving in with your kids — especially when you are still vibrant and healthy — means you can free up your child and child-in-law to work a bit more and manage their joint expenses better. Plus, the grandparents can help the household by providing childcare and cooking, as they are able. With many Americans living in homes bigger than they need, giving up a guest room or a finished basement is not that big of a deal these days. Likewise, grandparents who can help to pay the mortgage or a couple of utility bills can be beneficial. Sometimes even upgrading your home can have a financial benefit if it means that more hands and money will support the household. Of course, those who would benefit the most from having an extended family are the children. Too many kids today do not have a good relationship with their grandparents. As a result, they become disconnected from their history and family ties. The only downside to moving back in with adult children is that there could be personality conflicts. Such an arrangement is only possible if boundaries can be set without hurt feelings and added stress.
From a moral standpoint, many people believe that aging parents should have the option to live with their adult children. Intergenerational living isn’t guaranteed to be successful, though, by default just because everyone is family. It requires careful planning. Many families jump right into moving in together only to face the uncomfortable ordeal of telling their parents that the arrangement isn’t working and looking for alternative options. Thorough research and candid conversations about this arrangement are crucial.
If a family chooses to go ahead with this plan to live together, they should work together to lay down ground rules for everything from financial responsibilities to privacy concerns. Of course, the situation is somewhat different if a parent has dementia or is facing the end of life. Cases like this pose unique challenges of their own. If a loved one is facing the end of life, then it is very likely that this living arrangement will be temporary yet very emotionally intense.
eXp Realty—The Results Team—is ready to help you buy or sell your home! Stop on by our location at 2623 N. Walnut St, Bloomington, IN 47404. Or call us at: (812)822-2746.