All Business Wednesday

August 22, 2018

Single and Shared Living Arrangements Can Affect Real Estate Potential……

Statistics show that over one quarter of adults live alone – a number that has continued to rise over the past several decades. Moreover, a recent survey suggested that another one-third of all adults live in a shared housing arrangement in which at least one adult member of the household is not a partner of any other adult members.

Of course, not all of these adults are homeowners.  They include stay-at-home students, single adults living with their parents, seniors living with their offspring, or roommates share a rental unit.  However, the statistics do suggest a shift away from traditional families being the typical occupants in the majority of homes.

Why does all of this matter?  These statistics are important because they impact how real estate is marketed and may even affect some of the decisions you make about renovations and upgrades to your property.

For example, houses with separate entrances, or larger condos that have bedrooms on either side of common areas would be ideal for some adult arrangements.  As more single people enter the market, security will continue to be a major selling feature while unrelated adults sharing space may want more washrooms.  The key will be to match a property’s features with the types of buyers who are most likely to be interested.

Whether they’re re-entering the market after a divorce, living with parents to save for a first home, or teaming up with a friend to share a mortgage and build equity, singles are not to be ignored.