How Three Generations Living Together Can Save Everyone Money

In some cultures it’s traditional for several generations of a family to live in the same house, and in the past this wasn’t unusual in the UK either. Things changed when people started moving away from their home towns, creating smaller, more private family units, while elderly parents in need of care and unable to manage alone triggered a boom in private care sector services.

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A Return to the ‘Good Old Days’?

It seems that in the twenty-first century things are changing, as younger people struggle to afford independent housing or find a job, while their parents are living longer and more likely to need some form of expensive home support or residential care.

These factors have combined to generate a revival of extended family living, with the benefits of multi-generational living, particularly the financial aspects, finding new favour with families across the country. The growing movement to create modern versions of multi-generational households seems to be a solution which provides a larger shared space, along with support and company to all members.

Sharing is Caring

A survey conducted by Barclays on behalf of The Telegraph revealed that two thirds of those asked believed having three generations share a home is the ideal way to manage the issues an ageing population brings. In many cases this couldn’t happen without creating more space, whether in the form of a granny annex or by pooling resources to purchase a larger property.

Buying a new property to share means you can shop around for a place with enough space for everyone, or ideally an existing self contained unit for the parent or parents to maintain their independence where possible.

An Annexe Could be the Answer

In circumstances where buying a new home is impractical or impossible, a purpose built extension – granny flat style – can be a practical and affordable compromise. Do check out the legal and tax aspects first, though, as well as securing any planning or building permissions needed. If opting for the annexe, a company such as should be able to tell you about the latter.

Sharing a multi-generational home can be very cost effective, as utility bills and food costs should all work out lower than before. Plus there’s the crucial element of having company around, and people you care about close to hand.