In October, Patricia’s family moved to the addition on Priscilla’s home, although Patricia’s previous home was not yet sold. In fact, the housing market slowdown was deepening instead.
Having our three generations live together without really having only shared expenses for one place was like another cost overrun, and our belts were already tight. Fortunately, Patricia’s husband (a/k/a ‘The Son-In-Law’) liked living at the expanded house more than expected, despite the dire warnings from his friends and family before moving in.
This new living arrangement was working. Our lives were enriched, with just enough room for us – Priscilla, Ed, Patricia, Marty, baby Ben, and regular out-of-town relatives, and less need to drive to help one another. Ben spent hours watching the constant construction, with his grandpa delightedly telling him what was going on.
Two problems remained, both primarily due to the real estate market downturn. Patricia’s previous house was not sold yet, and her vacant Minooka dream lot (bought during the height of the real estate bubble to use in one of our interim alternate plans) was now a burden, with the vacant land market nearly dead. Should we rent the house out to wait out the downturn?
Living multi-generationally exceeded our expectations, but making this sustainable in the long term still needed work. We needed to consider our options again. To consider your own family’s planning options as your lives actually unfold, please call our office for an appointment. © 2012 Gruber Law Office, Ltd.