Working with multigenerational clients
Whether for affordability, cultural norms or personal preference, more and more households are becoming multigenerational. This could be married couples (or single millennials) moving back in with their retired parents to save up and buy their own home or families with aging parents looking for in-law suites. It’s a demographic that’s only growing, making it a valuable niche to target. Here are a few tips for working with clients looking for multigenerational homes.
Planning wants and needs
Before you head out to viewings, encourage your multigenerational clients to chat about what they’re looking for. They should discuss how much interaction is expected between the families or family members and how much privacy is expected. A family of three living with retired parents will have different needs than a university-aged son or daughter. Some will require a separate entrance, dining and living areas while others may simply need an additional bedroom.
Explore affordable neighbourhoods
Multigenerational families are usually seeking more square footage with a tighter budget. For this reason, it would be good for you as the agent to investigate up-and-coming neighbourhoods that will give your clients more bang for their buck. While these may be further out of the city, do some research ahead of time to find out the neighbourhood’s selling points for your clients — perhaps a great school system for young children or easy access to outdoor trails for active retirees.
Understand renovation costs
While a home might not be advertised with a separate rental unit or in-law suite, knowledge of what renovations or adaptations to a home are possible and the approximate costs can help you identify properties that could be transformed into a home suited for multiple families. Having a rough idea for costs such as adding a separate side entrance, additional kitchen or bathroom can help you broaden the scope of possibility for your client. Have a list of trusted renovation vendors on-hand to offer your client if needed.