Extended families would usually choose either lots or houses. However, the best and most economical decision is to settle for both, preferably a spacious lot with a humble-sized home that you can later modify according to your family size and preferences. You can also ask advice from investment experts and research the possibility of a multifamily FHA loan to know what’s best for your household.
Why is a house and land combination right for big families? There are several factors to this. Apartments may be too small for several generations living in it, and houses alone won’t give the family members the autonomy they require. It is much better to control your own house and land so that when the time comes for the members to move out, there will be multiple uses for both your area and property.
Here are some other perks for it:
There is more financial autonomy in a house-and-land combo. For instance, when you apply for a loan for it, you will receive two loans instead of one because both the house and the lot will be included in the terms and conditions. Also, your autonomy does not end here. Since you own the entire property, it is up to you to decide what to do with it. This decision goes beyond its interior design and architecture.
You can convert a small house to a three-story building or collapse two levels to a single, wider flat. You can also demolish part of the building to create a garden or backyard. For families with several generations, a modification will come in handy. You get to add rooms, floors, and, if possible, buildings. When the time comes when people move out, you can invest in the place. You can let other people rent parts of the property, or you can convert it to an Airbnb.
Since your lot includes a house, you will be spared from the hardships of construction. Should you choose the reconstruction route, at least there is something to build from as well as models to follow. You get a better understanding of the land on which your house stands, the kind of soil composition it has, or its response to flooding. If you purchase only a lot, you will have to experiment on everything on your own. It becomes a tedious process.
On the other hand, if you invest alone in a house, you will have to deal with its external problems on your own since there is a small room for reconstruction and redesigning. You’d have to find your limit in redesigning the outside part since it might not come with the place.
A house-and-land combination has the right blend of autonomy and convenience. Purchasing and owning it is a good investment. It can withstand the test of time, aid a lot of people, and bring members of different generations of a family closer to each other. It offers several financial, physical, and emotional benefits to the privacy, freedom, and comfort it has.