One of the driving factors behind the high demand for properties with multiple living structures is the resurgence of multigenerational living. In today’s fast-paced world, families seek ways to live together under one roof, while maintaining their independence and privacy. Properties with a main house and an additional living structure, such as a guest house or converted garage, provide the perfect solution for multigenerational families. The additional living space allows extended family members to live comfortably on the same property, while still having their own separate living areas.
Another factor contributing to the demand for properties with multiple living structures is the rise of remote work. With more people working from home, the need for dedicated office space has become paramount. Properties with detached offices or converted garages offer the ideal solution for those who require a separate workspace, away from the main house. This allows for a productive and efficient work environment without intruding on the living spaces in the main house.
In addition to multigenerational living and remote work, properties with multiple living structures also offer the potential for additional income. Homeowners can rent out the guest house or converted garage to generate rental income, which can be a significant financial benefit. This extra income can help offset mortgage payments or supplement the homeowner’s overall income, making it an attractive option for buyers looking for ways to generate additional revenue.
The lack of inventory in the market for properties with multiple living structures has created a sense of urgency among buyers to find such properties. As a result, sellers have a unique opportunity to leverage this demand and negotiate exceptional terms with buyers. Depending on their preferences and circumstances, sellers can choose to sell on or off the market and press for favorable terms such as higher prices, shorter closing periods, or waived contingencies.
In conclusion, properties with more than one living structure on a single lot are in high demand among buyers for various reasons, including multigenerational living, remote work, and the potential for additional income. This demand has created a unique opportunity for sellers to capitalize on the market and negotiate exceptional terms with eager buyers. As the trend of multi-generational living and remote work continues to grow, properties with multiple living structures will likely remain in high demand in the real estate market.