Buy New or Remodel Your Home for Multi-Generational Living
The Rise of Multi-Generational Living in Today’s Households
Since 1971, the trend of multi-generational living has been steadily increasing. Compared to 7% of the US population living in a multi-generational home in that year, this number has risen to 18% as of 2021.
Rising home prices, mortgage rates, childcare costs, and other economic pressures make it more affordable to share the costs of homeownership. Additionally, longer life expectancies and an aging population also contribute to more families choosing to accommodate multi-generational living under one roof.
With the rise of the multi-generational lifestyle among homeowners, the demand for multi-generational homes has also increased. Real estate developers and remodeling contractors alike have adapted to this demand by prioritizing flexible floor plans, in-law suites, and accessible design features.
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However, each family situation is unique, with homeowners at a crossroads: whether to transform the home they love into a multi-generational house or to buy a new one instead. In this article, we help you reach an informed decision where you and your family will benefit today and in the long run.
Buying vs Remodeling Your House for Multi-Generational Living
When it comes to deciding between remodeling your home for multi-generational living or purchasing a new one, most homeowners don’t make the choice alone. In many multi-generational households, the investment includes input—and often financial contributions—from co-owners or joint tenants such as siblings, in-laws, adult children, or other family members.
It’s a decision that involves both practical and emotional considerations. Together, your family will need to weigh important factors like location, comfort, and long-term financial goals—whether that means building equity or maximizing cost efficiency. Ultimately, the right choice is the one that meets your collective needs today and remains flexible for generations to come.
Location—Is It Worth Moving or Improving Your Current Home?
Location is one of the crucial factors in deciding where to live. If multiple generations are aligned on the location of the multi-generational home, consider proximity to schools, workplaces, medical care, and the caregiving needs of all parties involved.
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When Remodeling Makes Sense
For families who want to stay close to a trusted community or support network, remodeling can offer the ideal balance of comfort and practicality. If you love your current neighborhood, school district, commute—or even just your backyard—remodeling may be the smarter choice, especially if your co-investing family members aren’t tied to a specific location. Staying rooted in a place where you feel connected adds emotional value that a new multigenerational home can’t always match.
With multigenerational remodeling, you can preserve what you love about your surroundings while updating your space to fit your evolving needs—adding the privacy, functionality, and accessibility required for multiple generations to live comfortably under one roof.
When Buying May Be the Right Choice
Buying a new home can be the more practical choice when your current location no longer fits your needs—whether due to a job relocation, evolving family dynamics, or lifestyle changes. In areas where remodeling is limited by lot size, zoning restrictions, or structural constraints, purchasing a multigenerational home may offer greater flexibility and long-term potential.
Investment—Understanding Long-Term Value and Home Equity
Should you renovate or relocate? The answer depends on which option offers the greatest value—not just in terms of financial return for you and your co-owners, but also in how well it supports your shared lifestyle. The right choice should meet the needs of your multigenerational household today while positioning your family for long-term comfort, flexibility, and security.
When Remodeling May Be the Smarter Investment
Renovating your current home can be a smart investment if:
- You plan to live in your home for more than a decade, or
- You intend to sell it later at a higher price.
With a well-planned multigenerational remodeling project, you have greater control over costs, enabling you to make strategic upgrades that enhance comfort and accessibility for everyone—while prioritizing improvements with strong ROI. This is especially advantageous when home prices in your desired area are high, making relocation less appealing.
Remodeling also helps you avoid many of the costs associated with selling, such as agent commissions, inspections, repairs, and moving expenses. By reinvesting in your home, you not only boost its value but also create a space thoughtfully tailored to the evolving needs of your multigenerational household.
When Buying May Offer Better Financial Opportunity
Buying a new multigenerational home can be a smart decision when market conditions are favorable and you’ve built enough home equity to help cover the mortgage payoff, closing costs, and possibly the down payment on a larger or more suitable property.
It may also make more sense to buy rather than remodel if your current home has significant structural issues or an outdated layout that would be too expensive or time-consuming to address through renovation.
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Time—How Long Do You Need a Multi-Generational Home?
Consider how long each family member plans to live in the home and whether their needs are permanent or likely to change over time. The best decision—whether to remodel or buy—depends on whether your current space can adapt to your evolving timeline or if a new home will better align with your short- or long-term goals.
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When Remodeling Is a Smart Long-Term Investment
Multigenerational home remodeling provides customized solutions that evolve with your family’s changing needs—especially if you plan to stay in your home long-term. If you have young children who will be living at home for years to come, or elderly family members who require permanent accessibility features like stair lifts, walk-in showers, or main-level suites, remodeling can be a smart and lasting investment. It allows you to enhance comfort, safety, and functionality while staying rooted in the home and community you love.
When Buying Might Be the Better Short-Term Solution
Let’s say your multigenerational living arrangement will only last a few years—until your sibling and their family move out, or your children leave for college. In that case, buying a move-in-ready multigenerational home may be less disruptive, especially if you and your co-owners or joint tenants plan to sell the property in the future.
Sentimental Value—When Keeping Your Home Matters Most
While it’s important to consider the input of loved ones—especially those contributing financially or becoming co-owners—don’t overlook the emotional attachment your household may have to your current home.
For instance, your in-laws may prefer to move, but it’s equally important to consider how your spouse and children feel. Are they excited for a fresh start, or would relocating feel like uprooting their lives? In a multigenerational living arrangement, finding the right balance between practical needs and emotional well-being helps ensure everyone feels heard, valued, and supported.
When Remodeling Feels Right for the Heart and the Home
If your current home is filled with memories, remodeling can preserve those emotional ties while making the space more functional for multigenerational living. It allows you to stay rooted in a familiar place while adapting it to meet evolving needs—without the emotional disruption of relocating.
While there may be short-term inconveniences, such as temporarily living elsewhere during construction, the emotional payoff of staying in a beloved home often outweighs the stress of a move.
When a New Beginning May Be the Right Choice
If you and your family feel stagnant, overwhelmed, or disconnected from your current space, buying a new home could offer a fresh start for everyone in the household. A change in environment can bring renewed energy, fresh perspectives, and a sense of growth that supports both emotional well-being and functional needs.
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Schedule a Consultation to Explore the Right Multi-Gen Solution for Your Family
Deciding whether to buy a new home or remodel your current one is never simple—especially when multiple generations are living under one roof.
At Schroeder Design Build, we guide Northern Virginia families through this important decision, helping them find the best fit for their lifestyle, timeline, and budget. From thoughtful room additions to living-in-place upgrades, our multigenerational remodeling services are designed to help your home grow with you.