CREATING A MULTI-GENERATIONAL HOME AND HOW VENDORS CAN MAXIMISE SALES PRICE.

KEY FACTS OF THIS ARTICLE

• What is a multi generational home
• How to identify wether I’m in an area that attracts these buyers
• Is my home suited to create a multi generational home?
• How to make a multi generational home without major renovations
• How can I attract a higher sales price?

WHAT IS A MULTI-GENERATIONAL HOME?

A multi-generational home is where 3 generation or more lives, typically Grand Parents live with their children and grand children.

This is very common amongst traditional european, asian, indian and pacifica island communities, having Greek and Irish ancestry myself I experienced grandparents living with their children and grand children.

The Australian Bureau of Statistics (ABS) provided new data on households containing three generations. It showed an increase in three generational living arrangements over recent years, from 275,000 in 2016 to 335,000 in 2021

Australian Bureau of Statistics (ABS)

HOW DO I IDENTIFY IF I’M IN AN AREA THAT ATTRACTS THESE BUYERS?

Location is an all important factor when creating a multi generational home, within the cultural groups mentioned most often these factors are important.

Now these points may seem like it’s valid for all buyers, and true it can be, but the reasoning is different.

Immigration most often is for greater oppurtunity and reward, select entry public schooling and private schools are a must for many cultures, education is held in high esteem and the next generation attaining proffesional careers where high status is important.

Grand parents living with the family, public transport, shops and cultural hubs place highly on the priority list of buyers.

As cultural groups are attracted to new areas, shopping precincts adapt quickly thus enticing more community members, in Melbournes East, Village Cinemas now has a Bollywood film festival every saturday night, such is the relevance of this community.

IS MY HOME SUITED TO CREATE A MULTI GENERATIONAL HOME?

So what are some of the key considerations when creating a multi generational home?

Usually we use a 4 bedroom home where the master bedroom has a full ensuite or a toilet as a minimum, a master bedroom usually has extra features like 4 downlights, pendant lighting and 2 sets of double wallplugs on the wall where the bed will sit. Luxe appointments usually define the room, we replecate those features in the second master bedroom.

We can make provision for wall mounted TV and often airconditioning.

Heres an example of a floor plan where we created the second master bedroom.

LARPENT AVE GLEN WAVERLY

This was a family home of over 20 years in Larpent Ave Glen Waverly, we completed a full interior and exterior presentation renovation. At the begining of our strategy session with our vendors we shared some statistics and cultural demographics of residence and buyers in their suburb.

My advice was that we create a home that would appeal highly to those that wanted a home for parents to live in, fortunatly the vendors along with the encouragment of their selling agent they decided to accept.

Planning a second master bedroom

When this house went to auction all the representitives of the cultural groups were present, the knock out bid came in from a family living in Keysborough who had been watching our renovations on social media. They were succesful and the imperitive was bringing their parents from overseas to live with their family.

HOW CAN I MAKE A MULTI GENERATIONAL HOME WITHOUT MAJOR RENOVATIONS?

First and foremost we are preparing a home for sale, so major expensive renovations are out of our purvue. What we are doing is taking advantage of existing rooms and maximising potential and market appeal.

HOW CAN I ATTRACT A HIGHER SALES PRICE?

A higher sales price always begins in the planning and presentation process, by delivering a property that has the feature benefits buyers need, you increase appeal, desire and competition.

The role of a real estate agent is to highlite the the features and advantages each home has, then develop a marketing strategy that attracts commited buyers.

IN CONCLUSION

The best time to begin the planning and upgrade process is right now, home selling is an unforgiving and brutal experience for homes and vendors that have no planning and that aren’t prepared.

Home owners have sacrificed everything to buy and maintain a home, now is the time to change hats from a home owner to that of a property investor where maximising sales price and profit is the ultimate reward.

Creating a multi generational home is a simple strategy that takes advantage of social, cultural and market driven trends.