Hope Leitner, Realtor®, CRS

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too. Why Buyers Are Opting for Multi-Generational Living According  to the  National Association of Realtors  (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with  affordability  ( see graph below ): First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable.  This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market. Buyers a...

If you're on the sidelines to buy a home, there are things you can do to be ready when you do get back in the game. Improve your credit score to qualify for the best mortgage rate available which are reserved for those with the highest scores.   Get a copy of your current credit reports from all three of the main credit bureaus: Equifax, TransUnion, and Experian.   You can get them at AnnualCreditReport.com without paying for them. While you won't see a credit score on these reports, you will see a history of your available credit accounts.   According to the Federal Trad Commission, one in five people have at least one error on one of their credit reports which can lower your score or increase the cost or likelihood of receiving new credit.   Identify and correct these mistakes.   Explain in writing the error in the report and include copies of documents that support your dispute.   Both the credit bureau and the business that supplied th...