Q: I read your article on multigenerational living and found it incredibly interesting. My family and I are planning a similar multigenerational living arrangement by adding on to my parents’ house. We are located in Colorado and hoping to find both a financial advisor and a real estate attorney to guide us through the process.
Can you give us any insights on what we should be thinking? A: Before you start spending money on an attorney or a financial advisor, you need to think through what you want to do, how you’re going to do it, and who is going to finance it. What you’re talking about entails a significant amount of time and treasure and can make life difficult if there are other family members who might be concerned about a someday inheritance. Certainly, you have a possible location for your multigenerational home — your parents’ house.
However, the first question you should ask is whether the renovated home will meet everyone’s needs now and in the future. You’re already planning an addition for your family, but consider that you may also need to make changes to the home to accommodate your parents as they age. You need to start this process by conceptualizing how you and your parents would live together.
Will local zoning and building regulations allow you to expand the home? If so, by how much? Is that enough to add on a first-floor bedroom and bathroom for your parents? Will you also need a space for an outside caregiver? Or to widen doors and reconfig.