Thoughts on Parents Moving In with their Adult Children

Should parents move in with their adult children to save money?

This could be a great arrangement but there are both personal and financial

issues to consider in advance.

Having your own separate living space would be the best situation and would alleviate

many difficulties. Having your own space is paramount to this being a successful move.

So looking for a mother/daughter or a 2 family home is what you

should be doing.

If you cannot afford this, then you need to have open and frank conversations about who

would be doing the cooking, cleaning, shopping, expectations on babysitting, etc.

Whichever arrangement you choose, make it your priority to work with an attorney to specify

what happens to the house upon the death of any of the parties involved.

If this move is possible for you, I would highly suggest it as all of your living expenses will be cut

in half.

Carolyn McGuire, MetroNet Team Broker Associate cmcguire20@gmail.com (718)644-8460 (cell) (718)732-2096 (fax)