Family Real Estate

Published by julia | Filed under Buyer / Seller Tips, Miscellaneous, Real Estate

Family homes are becoming rarities in today’s world.  No longer are children staying in the same cities as their parents.  Many parents are no longer keeping their homes until death, required to live in nursing homes and sell their primary residence to pay for the expenses.  However, there are some family homes that have managed to last through generations, making for long memories and great gathering hubs for all of the family members.

It used to be that people would pass their home onto their children and their children would pass that home down to their children.  This would make for a home that one only had to pay taxes on and do general upkeep on.  This was highly beneficial to the children and also provided a residence for the elderly throughout their lifetime.  This was also the time where the elderly could live at home their entire life and possibly die at home.

Now most children move away from the home in search for better jobs and better lives.  This search often lands the now adult children in their own homes and sometimes in different cities or states as their parents.  They are no longer in need of the family real estate and often do not want the real estate if it is inherited to them.  They are often forced to sell the property just because they have no one to live in the property.

It is unfortunate that since so many of today’s adults live away from their parents, that more parents are entering assisted living facilities or nursing homes as they age.  No longer are the children caring for their parents on their own as the parents age.  While it was not always practical to care for one’s parent, especially if the parent had a sever illness or became violent as they aged, it was common to see the elderly cared for by their children as they age.  Now parents who experience broken bones or illness often find themselves in the care of a stranger, a nurse who may change daily.  Their homes that they may have grown up in, sold to help pay for the expenses of their daily care.

Those homes that remain family homes see a different life in the family.  Those homes that have been passed down from generation to generation often are hubs of activity throughout the year.  These pieces of real estate are where everyone comes during the holidays, where everyone throws their parties and announce news, for better or worse.  These hubs are where the elderly are care for by their children and the children continue to live after the loss of their parent.  Those families that have family real estate often are closer knit than those families that do not.  Not to say that they love each other more, but rather to say that they are around each other more and stay in closer contact.

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