Three things you should consider before investing in multi-generational living

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Three things you should consider before investing in multi-generational living.

Granny flats and multi-generational housing have garnered a lot of media attention lately as possible remedies for rising housing costs. Yet there are three important things you should know before you dive in.

As cost-of-living pressures bite and family members look for ways to support each other, multi-generational living is being discussed as a solution. Pointing out the potential, property researcher CoreLogic identified more than 655,000 residential properties as being suitable for a granny flat in Australia’s three biggest cities: 242,081 in Sydney, 229,051 in Melbourne, and 184,660 in Brisbane.1 Yet, as more Australian families consider living together and sharing property assets, it’s important to understand what’s involved. Whether you’re considering adding extra rooms or a granny flat to your property, here are three things to consider.

Considering multi-generational living?

While multi-generational living can bring personal and financial benefits, careful consideration and planning is required. If you’d like to learn more about how multi-generational living could fit into your financial plan, speak to us.