As families balance the demands of two working parents, children and rising Lower Mainland housing costs, the opportunities provided by multi-generational living make sense for many.
Whether it’s sharing overall home costs, downpayment help, or parents providing “rental income” while living in their adult children’s suite – or variations of the three – multigenerational living can be a smart choice.
Nestled at the edge of Golden Ears Park, just minutes from the amenities of Maple Ridge, this community offers 34 detached new Craftsman-designed homes. All three- and four-bedroom designs, with full daylight basements and an open floorplan, residents love the high ceilings, spacious bedrooms with walk-in closets, and family kitchens with quartz countertops, appliance package and tankless hot water systems. With lots from 3,700 to 9,000+ square feet, there’s room to move, plus double attached garages and spacious driveways.
Why bring generations together?
A legal suite offers financial help, certainly, but when “mortgage helpers” are also family, additional benefits can include deepening family connections, childcare support, and easier care for aging parents.
“For many families who have bought a new home at Fern Grove, the motivation has been equal parts economics and foresight as a finished suite is a great housing option for retired parents, university-aged kids or families pooling funds to own new home in a desirable community,” reflects Janine Mackie, new home sales representative at Fern Grove as she walks the site.
“I’d say close to half of our buyers have finished the basements for their parents – it’s like having their own 1,200 sq.ft. rancher with private entrance, separate laundry and kitchen.”
Many retirees also appreciate having an easy-care home in between their travel adventures – without the upkeep and expense of owning their own residence.
The financial argument
Finishing a Fern Grove suite costs $57,000 for the Blanshard Model and $65,000 in the Alouette Model, but the economic benefits add up, notes Ryan Connolly, Epic Homes general manager.
“Based on a discounted five-year variable rate of 3 per cent, adding a two-bedroom legal suite at $65,000 adds $330 to your mortgage payment but after rent of $1,500 provides a monthly savings of close to $1,200 per month,” Connolly says. “This would provide income of $14,000 per year. Just based on income, you would pay for the suite in less than five years.”
Finishing a suite during construction also means all fees, permits and inspections are covered.
The perfect degree of separation
Purpose-designed two-bedroom suites at Fern Grove offer room for all. With a finished basement, Fern Grove homes are 3,000 to 3,800 sq.ft. – plenty of room for two families. Suites are 700 to 800 sq.ft., but a flex room in the basement can also be added to the suite or used as a common room, home gym or theatre.
Unique location brings it all together
“Location is an important factor too when buying together,” Mackie reflects. “Living at Fern Grove encourages an active lifestyle – it’s great to see children and grandparents taking their dogs for a walk, or heading to the lake on the weekend. We’re closer to town than people realize too, so our older folks can easily get in the car and drive to the grocery store or an appointment.”
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Family-owned Epic Homes has been constructing new homes in Maple Ridge and Langley for 20 years, building a tradition of quality and value, and enhancing the communities they also call home.