South East Queensland’s rapidly growing population, booming property prices and the rising cost of living in recent years have combined to create a new trend that is only likely to keep growing over time – multigenerational living (also known as dual-living arrangements). Savvy property investors are increasingly building and buying multigenerational (dual-living) homes as a result, especially among young .
The growing trend towards multigenerational living
Extended families living under one roof is becoming a lot more common. The most recent statistics show that about 5% (or one in twenty) of households now have more than two generations living together, and those numbers are forecast to increase to 35% (or one in three homes) over the next few years. Examples of multi-generational living include:
- Older grandparents moving in with their adult children and grandchildren to help out with child-rearing or as an alternative to entering aged care.
- Younger adults (and their kids) living with parents due to cost-of-living pressures and/or while saving for their first home.
- The increasing number of multicultural families where multigenerational living arrangements have traditionally been more common.
Key building considerations in multigenerational home design
These include:
- Privacy
- Single storey (acreage style) versus double storey
- Maximising your space
Let’s look at each of these considerations in turn.
Privacy
Privacy is paramount when designing a multigenerational home. Different generations have different habits, interests and lifestyles, so the last thing you want is a lack of privacy in a multigenerational home. Clever home design prior to building helps to facilitate privacy.
For example, you can design and build a new home to include a guest wing that has its own bathroom/ensuite and living space. This wing could be used by grandparents in a multigenerational home so that everyone has their own privacy and space.
Single storey versus double storey
Single-storey and double-storey designs can both facilitate privacy and the maximise space in a multi-generational home. For example:
- Designing a single-storey home that is split into two separate dwellings via a fire wall, with both having their own entrance and individual energy and water connections. This can be achieved to ensure that the home still looks like a single dwelling from the street.
- Designing to ensure that both floors of a double-storey home are fully self-contained to minimise or avoid the need for the generational occupants to move between the two floors.
Single-storey homes are a good option for multigenerational families with elderly or very young occupants (for example, grandparents and toddlers who would struggle to cope with stairs in a double-storey home).
Double-storey homes are arguably more conducive to encouraging privacy and maximising space.
Maximising your space
If you have a narrow or small block of land, then you can maximise your space by designing a larger two-storey home rather than a smaller single storey-home. This will also give you as much yard space as possible, potentially allowing you to incorporate a larger outdoor entertaining area or patio.
Whether you have a single or double-storey home, you can maximise your internal space by including features like walk-in robes, built-in cupboards and a walk-in pantry.
How multigenerational homes can maximise your property ROI
You need to look at two components when you are evaluating property ROI:
- Rental yield
- Capital growth.
The rental yield on multigenerational homes is likely to be larger simply due to the fact that these homes can accommodate more people. In addition to multigenerational families, they can also accommodate two separate tenant families, which can generate two separate rental incomes on the one property.
The capital growth on multigenerational homes is also likely to be higher due to strong demand that is likely to continue as the population of South East Queensland and general property prices increase.
How our Purple Cow team can help you
If you’re thinking about building or investing in a multigenerational home in Greater Springfield or the wider South East Queensland property market, then contact us today for an obligation-free chat. We’d be happy to find out your needs, discuss your options, provide advice and answer any questions you have.
