Multi-Generational Living

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Multi-Generational Living

[00:00:00] Oh, hey, real estate fans. Alice Lema, here broker John Scott in beautiful southern Oregon with another edition of the Weekly podcast. And this week we're gonna talk about multi-generational lifestyle and ask the question, is it for you? I've got some questions to ask yourself. So the first question to ask if you're entertaining this lifestyle is how compatible are you lifestyle?

As well as financial with the humans that you're considering living with. And it's okay if the lifestyle compatibility is a little on the low side because we can address that with floor plan. Separate bathrooms possibly even separate common areas. The financial part, you need to have some compatibility financially.

We have a high success rate with these multi-generational purchases and ongoing lifestyle, but you do wanna make sure that everybody's being treated fairly or that the financial responsibility is discussed ahead of time and in [00:01:00] writing so that everybody knows what their obligations and what their benefits are of this ongoing lifestyle relationship. And it is a lifestyle relationship. So that's number one, is compatibility, not only lifestyle, but financial.

Number two, does the marketplace have available the size of property that you want and the floor plan that you need? And do not do not shortchange yourself on the floor plan if it's not quite right. But everything else works, then let's talk about a little bit of construction, a little bit of remodeling, but it really is the floor plan that saves the day in these group living situations. And I can say that from experience.

The last thing I wanna mention is have an exit strategy. A lot of times when we're entering into these arrangements, we're either emotional because we're afraid somebody's sick and dying, or we're having triplets and we're, and we're doing this so that they'll [00:02:00] have built in daycare. So there might be like other life events going on, and we don't always think all the way through what is it gonna be like at the end. And it's not that you, you want be negative, it's just have the conversation with everybody.

What happens if, there's a divorce, there's a death, there's a disability, there's 16 more children, there's more relatives that are gonna be added into the mix later. Are we gonna stay in this property and keep it and pass it down, or are we gonna get to a place in our family evolution where we don't need it anymore and it's really too expensive or too big and we're gonna either pass it on to another relative or we're gonna sell it. And you don't have to keep these decisions like in, in stone necessarily, but you do wanna write it down so that everybody understands and signs it. And then maybe look at updating those decisions every three to five years, depending on your situation.

But it [00:03:00] can be an absolutely beautiful, enriching, amazing, connected kind of lifestyle. But again, it's the floor, it's the floor plan that's gonna save you. Right now in southern Oregon, most of our larger luxury properties are on sale. They're still pricey compared to what a lot of us can afford. But when you start combining incomes and then you, you start going out and looking, we have a complete buyer's market in our luxury properties, and it's been that way for many months. And so it's a great time if you wanna do this, it's a great time to go out. The prices are soft and there are not as many buyers in those upper price ranges where you would find these multi-generational properties listed for sale. So it's a, it's a great time.

So that's our podcast for today. Let me know what I can do to help with your real estate life. Would love to be your agent. I'm a great listing agent and [00:04:00] goodness knows, we do need more listings. Even in spite of another weird week on Wall Street and the one bank, Silicon Valley Bank having to be halted and and shut down. In spite of all that, we still have way more buyers than we do sellers.

And so, and the prices have stabilized. They're still a little bit low compared to what they were six months ago, but it's an amazing time to sell. So if you wanna list your house, please give me a call. If you wanna go look to buy something, either an investment or a first time home buyer, downsizer, upsizer, riverfront, rural property. Whatever you guys need, I'm here. So gimme a call 541-301-7980. We'll see you next week. Hug those you love. Bye now.