Family compounds - who has it worked for and how? (investment, property)
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Can you post or send me some photos or real estate listings please.
Unfortunately, no.
My exposure to these "family compound" properties have been to appraise for a refi of one of the homes in the compound (normally the main house) so the photos would only show a single family residence.
(FYI: Each home on the "compound" has a separate tax record, different mailing address, etc. These are all single family homes, not necessarily homes with an additional dwelling units added.)
Back East I have several sets of relatives that all have houses on the same street or block. Some have been that way so long that even the street is named after them. Anyway, I guess that works for them.
There aren't many but in the blend from suburban to rural we see the occasional listing w 2 houses on the lot. It's a separate category and searchable. Perhaps your local mls has the same option.
My aunt bought about five acres of land right outside the city some years ago and built a house there. When her daughter grew up she built her own house on the land and now since my Grandmother is getting frail she decided to sell her old home in the city and is having a house built on the same land as well. My parents and an uncle also live about five minutes away. Everyone gets along.
My aunt and uncle moved in across the street from my Grandparents (and then a few blocks down when they needed a bigger house.) On the other side of my extended family, grandparents and at least three or four of their kid's families settled in the same neighborhood, within blocks of each other.
Now, on the family vacation grounds, we had two cabins, and a third apartment, in ground gas tank, outbuildings...That was a compound...
I've seen real estate listing for vacation family compounds. But multifamily dwelling listings on real estate sites all seem to be apartment complexes or old houses turned into apartments, or duplexes/triplexes/fourplexes.
I'm thinking that finding a neighborhood that meets our needs and buying up nearby homes makes the most sense.
Several of our Alaskan friends have retired to Arizona where they have all bought mobile homes on lots near one another. They have a ball with potlucks and such. That wouldn't work for our family, as nobody wants to live out in the middle of the Arizona desert, but I like the idea of forming an intentional community with your lifelong friends.
Last edited by GotHereQuickAsICould; 04-29-2014 at 08:06 AM..
I live in a two-family home; my husband, son, and I live in one apartment, while my parents and brother live in the other. I have two complaints: one is shared laundry; if we could afford to, we would totally put laundry hookups in our apartment. The other is that my mom is not as home as often as I would like (while my dad is home 24/7, literally). It would be nice to see her a little more (plus, her help with the baby is so appreciated when I need to do work in my home office for an hour or two).
Honestly, I couldn't live WITH my parents again -- having my own kitchen and doorbell is a must. But I love the idea that I don't have to go very far to see my mom. My husband likes our living situation too. My dream is to buy a house with lots of land and build a carriage house for my parents.
I've seen real estate listing for vacation family compounds. But multifamily dwelling listings on real estate sites all seem to be apartment complexes or old houses turned into apartments, or duplexes/triplexes/fourplexes.
I'm thinking that finding a neighborhood that meets our needs and buying up nearby homes makes the most sense.
Several of our Alaskan friends have retired to Arizona where they have all bought mobile homes on lots near one another. They have a ball with potlucks and such. That wouldn't work for our family, as nobody wants to live out in the middle of the Arizona desert, but I like the idea of forming an intentional community with your lifelong friends.
My sister-in-law and I always talk about building a "commune" -- we'll get a good amount of land and subdivide it and build house for everyone in our families.
That's my ultimate dream, but I may settle for the dream that I mentioned in my previous post.
Without subdividing it, financing is almost impossible. If a bank had to foreclose, it doesn't want a house with no land. Most family compounds I've seen have been built with cash only. No financing. Then comes the issue of death. What happens when someone dies, what happens to their share? This stuff must be worked out in advance.
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