More and more people are asking me to find larger homes because three generations of their family have decided to live together, part of the trend that has driven some half a million households in the UK to adopt this lifestyle.
Grandparents, parents and children all living together may not be everyone’s cup of tea but the benefits my clients see are compelling and it’s no wonder this trend is increasing across the Garrington network. Here are just a few reasons driving this pattern of buying in the market:
Grandparents often want to downsize while their children are looking to upsize (but can’t yet afford to) so three generational living solves this problem at one stroke.
When grandparents sell their home and join forces financially with their children to buy a new property some of its value may be exempt from Inheritance Tax (IHT). Rather than the whole house’s value being liable for IHT when the grandparents pass away, just the part of the property they called home is liable, significantly reducing the IHT bill for their children.
For many parents three generational living is a convenient way to have child care on hand from the grandparents, particularly if both parents work.
For grandparents three generational living is ideal because it offers help close-by should they fall ill or have an accident and they get to spend more time with their grandchildren.
For example, Garrington is currently looking for a three-gen property. This includes grandparents and a daughter and her partner plus their two teenagers.
This is a hard search because they both want houses within one plot that are approximately the same size, which is unusual. Normally, the grandparents want a ‘granny flat’ or annexe to live in while the other two generations live in the larger adjacent house – but not this time. Whatever the request I can see Garrington helping out more and more families like this in the future.