The Benefits Of Buying A MultiGenerational Home

Dated: January 29 2024

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The Benefits of Buying a Multi-Generational Home

The Benefits of Buying a Multi-Generational Home

Have high interest rates and housing costs discouraged you in your home search? Like many buyers, purchasing a home and taking on a mortgage, property taxes, maintenance, and more can feel overwhelming.

However, buying real estate has historically been one of the best long-term investments a person can make. It can protect you from annual rent increases, provide tax benefits, housing stability, and value appreciation that can build personal wealth over the years. According to NAR (National Association of Realtors), “A typical homeowner's net worth is 40 times higher than that of a renter.”

While many buyers think about condos or traditional single-family homes when they start their home search, it’s important to remember not to overlook the benefits of a multi-generational home (think homes with in-law suites, accessory dwelling units (ADU’s), duplexes, triplexes, and any property that allows more than one household to reside in it comfortably).

The Strategic Cost Savings from Multi-Generational Living

Many buyers are concerned with the cost of living in the Tampa Bay area, especially with recent price appreciation over the years in our area. Investing in a multi-generational property allows buyers the option to share financial responsibilities with another party, such as mortgage payments, utilities, and more, making homeownership more affordable from the start.

Some multi-family dwellings, such as duplexes and triplexes also qualify for FHA and VA loan programs, as long as the buyer resides in one unit as their primary residence. This is a great way for a 1st-time homebuyer to purchase a home with a lower down payment, a lower interest rate than most conventional loan programs offer, and offset carrying costs by renting out the other unit to family members or a traditional tenant.

Despite the financial benefits, sometimes buying a multi-generational home is also about being able to care for an aging parent or relative. A multi-generational home allows for aging relatives to live closely to their family members, offering a better quality of life in cases where regular assistance is needed. In the event of illness or injury, family can be right next door to help. The cost of having a loved one reside in an in-law suite or multi-family residence can also be more cost effective than the cost of retirement communities or assisted living.

Ask Your Realtor for Help

Multi-generational housing isn’t always as easy to find as traditional housing. Many duplex and triplex style properties are listed as income properties in the MLS, meaning a regular residential home search won’t find them. Some properties with ADU’s (accessory dwelling units) can also be tough to find, as the ADU isn’t always clear in the listing. Some cities don’t allow ADU’s and others have grandfathered them into the building code to combat the housing shortages in the Tampa Bay area. A skilled Realtor (like us!) can help you find these properties, saving you time and frustration. They can also help you pick the right property and neighborhood for your needs.


If a multi-generational home is something you’re interested in, we’d love to help you in your property search. Navigating the real estate market and purchasing a home doesn’t have to be stressful. Our real estate team is not only knowledgeable about multi-family and multi-generational properties, but also has the skills you need to ensure a smooth closing once you find the perfect property. Give us a call today at (727) 398-2310 or message us HERE to get all your questions answered about which type of property would be the best fit for your needs.

CLICK HERE to Search Multi-Family Properties Now

The Sandy Hartmann Real Estate Group

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Mike Hall

Born and raised in the Midwest, Mike Hall has a passion for helping buyers find the perfect homes in the Tampa Bay area. When Mike isn't working, you can often find him walking his 3 dogs around town,....

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