Adult kids who have come back for a ‘short while’. Baby Boomer parents who are at an age where they may need some in-home support. With three generations in one house, could your own home handle the extra people? If this is a situation that sounds familiar to you as a home owner, chances are it may also be familiar to your tenants.
There’s no denying we are an ageing population. Add to that the challenges that young people face in cracking the property market and the outcome is a greater need for multi-generational living.
It is becoming increasingly popular for homeowners to alter their property to allow for dual living circumstances and for sellers to market as ‘multi-generational’ or ‘dual-living’, so why not treat your investment property much the same?
So how does this impact you as an investor? Consider the opportunity through having your property suiting tenants who are in such a situation.
If your property allows, catering for the growing trend in living circumstances will not only give your property greater value, but also help many people who may otherwise look to separating their family.
More often are we seeing larger families – and not just parents and kids, but aunts/uncles, nan/pop and even those that aren’t strictly family – coming to live under one roof. It may be because of financial reasons. It may be companionship, or something else altogether.
Granny flats, semi-detached and garage conversions are popular options. Not only these, second dwellings all together are increasing in popularity.
If your property allows for it, this could potentially mean a whole other income stream. It may be something to consider if you’re looking at purchasing another investment property, too.
The needs of renters have changed, and they will continue to, which is why the expertise of property managers, and their knowledge of the evolving rental market, is an asset and invaluable when it comes to your investment.