Generation Living: Could you live with your in-laws?

Generation Living: Could you live with your in-laws?

In our current economic climate our older relatives generally benefited from the housing boom. Many parents and grandparents have made large amounts of money in property thanks to the steep incline in property prices over the years. On the flipside this is currently an issue among the present generation. Unable to obtain the initial finances for a deposit to get onto the property ladder or to afford moving into a larger home to start a family, with housing prices rising and the average salary generally not increasing, getting onto that first rung is proving difficult for the younger generation.

The perfect family home life

However, living with extended family can solve a lot of these problems and has its benefits at each level. In some cases three to four generations can live together in perfect harmony. With parents and grandparents putting their money together a new level of luxury becomes available. Large houses with lovely gardens, swimming pools, paddocks or a games room now become a reality. The children are brought up in a picturesque family home around their grandparents, the parents benefit from the grandparents being around for child care (saving costs) and the grandparents get to see their grandchildren frequently and also get cared for in their old age in return.

According to Managing Director of Stacks Property Search the number of people looking for properties with a ‘granny annexe’ or an outhouse is increasing by 50% each year. As long as the house is large enough, or has a separate wing or annexe generation living can work.

Could it fuel family feuds?

On the other hand, combined generation living can cause a number of issues too. It can lead to tense feuds between family members and issues with who does what around the house. The property may not be large enough to accompany everyone’s ‘space’ requirements. It needs to be clear whose space is whose and which areas are exclusive and shouldn’t be intruded. Ideally the property would have an annexe or separate wing and also separate entrances. Personally I think you need to be a close family for this to have a chance to work.

In the past generation shared living was more common, also in many other countries it is seen as ‘the norm’. Combining resources between generations can be very beneficial on many levels however it is definitely something which needs a lot of thinking before jumping on board we are not all cut out for it.

Would you cope, living with your in-laws or parents?  I'm interested in any comments from families who have done this and how it all turned out?