Budget is high on the priority list for most home buyers and while New Zealanders are as keen as ever to own their own property, prices are pushing the dream out of reach. People are looking for innovative ways to get onto the property ladder. Building a home designed for multiple generations is fast becoming the answer for those choosing to partner with friends or family members to afford their first house.
Generation Homes Chief Executive Kevin Atkinson says mortgage partnerships and multi-generational homes are growing trends. “More people are coming to us with family members or friends they are looking to build a property with,” he says. “The best advice we can give them is to build a new house with multifunctional spaces that cater to their individual needs and wants. With a new build, you are working with a clean slate.”
While some young families are deciding to live with their parents for an extra hand with childcare, other elderly family members are also considering flexible new builds as a way to stay better connected and receive live-in support from their children or a provider. Friends are also teaming up as a way to share hefty mortgage repayments.
Another way buyers are embracing the trend for multifunctional housing is by designing homes that double as a workplace or separate rental space.
“Despite the advantages of dual-living or multi-generational co-habiting, it’s clear people are still concerned about privacy and personal space,” Kevin says.
That’s where some clever design specifications and the flexibility of a new build can be handy. The expertise of Generation Homes was used in a recent new build designed as a home and income set-up. The three-bedroom Auckland property has a fully serviced two-bedroom unit attached to the main house at the garage with separate entrances, bathrooms and kitchens, meaning the property comprises two self-sufficient homes.
“The floorplan really allows our customer to separate their home and work life without compromising space or comfort,” Kevin says. “It’s the sort of design that would also suit a young family who wanted to have the grandparents nearby, too.”
If you need more information about building a new home and want to check if it’s the right solution for your arrangement, you can request our free Generation Homes Lookbook and explore some of our beautiful house plans as well as the latest innovations and trends in residential construction.
3 WAYS TO BUILD NEW AND SAVE
Partner with friends or family to design and build a new home that suits the needs of everyone for co-habitation.
Rent out rooms within the property to long-term flatmates or short-stay Airbnb visitors. An extended studio or self-serviced part of the house will maintain privacy for everyone.
Convert an area of the home into an office/work space. The dual use of a property can be a great way to save money.