Home Buying Tip

Homebuying for Multigenerational Households
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Helping aging parents while managing careers and raising a family can be a challenge. If you’re considering having your parents live with you, this list will help you choose the right home to meet everyone’s wants and needs.
First, sit everyone down who will be affected by the arrangement for a friendly pow-wow. Ask for a wish list from each person, including the kids, of desired features in a new home. Ask for concerns and expectations, and you can head off potential conflicts in advance. Make sure your parents don’t feel like indentured babysitters, and that kids show respect for your parents’ age and limitations.
Make sure everyone knows that you’ll do your best to meet as many wants and needs as possible, but you’ll have to prioritize. Compromises and patience will be required of everyone.
Who will own the new home? If you use your parents’ retirement income to buy a home, it will help you qualify for a larger, more expensive place. They can be tenants-in-common and be equally responsible for paying the mortgage. All co-owners must qualify with the lender.

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You can buy the home and have a rental agreement with your parents. That will show more income to help you qualify for a larger mortgage. Or, you can let them live with you and pay what they can.
Last, consider privacy for all concerned. It’s ideal if your parents can have their own suite of rooms, including a bedroom, living area, private bath and kitchenette.

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Home Seller Tip

Which Fixtures Will You Convey?

As a home seller, it’s important to understand that all built-ins remain with the home, but what do you plan to do about items like refrigerators, chandeliers, washers, dryers and other fixtures?

Customs vary in different parts of the country, but typically anything that is built-in or attached to the home stays with the home and belongs to the new buyer. But a chandelier is attached to the ceiling only by wires. Would it automatically stay?

Yes, it would convey, but it can also be replaced or excluded. The key is to replace it before your Berkshire Hathaway HomeServices network professional begins marketing. Your other option is to leave it in place, and exclude it in the MLS remarks section of the listing. What you can’t do is exclude it in your response to the buyer’s offer, because all promises contained in the MLS listing document become part of your contract, so you can’t make an exclusion after the fact.

Your network sales professional will let you know about the market and if it’s to your advantage to convey or exclude. If you have new appliances, for example, they are valuable enough to take with you, but they may also be valuable to your buyer.

Your sales contract should have a section that covers personal property and fixtures. This is where your buyer may ask for something to convey, such as the refrigerator. Then, it’s your choice to do so, or use it as a negotiation tool.

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