In recent years, multigenerational living has become increasingly popular. This lifestyle sees multiple generations of a family—grandparents, parents, and children—living under one roof. For those considering building a new home but unable to justify the cost, the option to build a second storey extension offers a practical solution to achieve the benefits of multigenerational living.
As a family-run custom home-building company that specialises in second storeys and custom homes, we understand the unique advantages and challenges of adding a second storey. Let’s explore how this option can be a game-changer for you and your family.
The Financial Benefits
1. Reduce Your Mortgage
One of the most compelling reasons to consider a second storey extension is the potential to reduce your mortgage significantly. By expanding your home vertically and sharing the space with extended family members, you can afford a larger, more accommodating home without the financial strain. This shared investment has the potential to cut your mortgage by up to half, making it a wise financial decision.
2. Lower After School Care Costs
In a multigenerational home, grandparents can provide invaluable support when it comes to childcare, reducing or even eliminating the need for costly after-school care depending on your arrangement and the age of the children. when you build a second storey extension, you create a dedicated space for grandparents to enjoy their day to day life while still being close enough to check the kids made it home from school and step in if there’s an emergency. Being close enough to help while maintaining their independence is key!
3. Shared Living Expenses
Sharing a home means sharing expenses. From utility bills and council rates to groceries and maintenance costs, the financial burden is distributed across multiple incomes. A second storey extension can provide ample space for everyone, allowing you to share household expenses and reduce the overall cost of living.
The Emotional and Social Benefits
1. Be There for the Ones You Love
Adding a second storey allows you to be there for your loved ones without sacrificing your own space. Whether it’s helping with homework, offering a listening ear, or providing care for aging parents, a multigenerational home with a second storey fosters a close-knit, supportive environment.
2. A Supportive Environment for Children
Children benefit immensely from the presence of grandparents and extended family members. A second storey extension provides a loving and stable environment, even when parents are busy with work or other commitments. The wisdom and experience of older generations can enrich children’s lives, offering them a broader perspective and a deeper sense of security.
Addressing Common Concerns
1. Maintaining Personal Space
A common concern about multigenerational living is the potential loss of personal space. A second storey extension allows for thoughtful home design that offers both shared and private areas. Our experience in custom home building ensures that we can design a layout that meets the needs of all family members, providing privacy and independence while fostering togetherness.
2. Compatibility with Existing House/Land
Are you worried about how a second storey extension would work with your existing house or land? Our team has extensive experience designing and building second storey extensions that compliment your current property. We provide tailored solutions that fit seamlessly into your lifestyle and enhance your home’s value.
3. Construction Timelines and Legal Aspects
Are you concerned about construction delays and legal complexities? Our company has a proven track record of completing projects on time and handling all legal aspects efficiently. We understand that you can’t afford costly delays or additional stress, and we work diligently to ensure a smooth, efficient building process.
Why You Need to Consider a Second Storey Extension
1. Enhanced Quality of Life
A second storey extension offers a unique opportunity to enhance each member of the families quality of life. With extra help at home, you can better manage your time and responsibilities, reducing stress and increasing happiness. You’ll have the freedom to pursue your own interests while knowing your loved ones, both young and old, are well cared for.
2. Financial Stability
In today’s economic climate, many families struggle with rising living costs and stagnant wages. By embracing multigenerational living through a second storey extension, you can achieve greater financial stability. The shared financial responsibility makes it easier to manage household expenses and frees up money for other important aspects of life.
3. Future-Proofing Your Family’s Needs
As your family’s needs evolve, a second storey extension can adapt to these changes. Whether it’s accommodating aging parents or providing a space for adult children returning home, a well-designed second storey can meet your family’s needs now and in the future.
Overcoming Myths and Misconceptions
Myth: It’s Not Part of Australia’s Culture
While it’s true that single-family homes have been the norm in Australia, times are changing. Multigenerational living is becoming more popular as families seek to stay connected and support each other. The Australian Bureau of Statistics also found households containing three generations had increased by 22 per cent between the 2016 and 2021 censuses. A second storey extension can make this lifestyle more feasible and rewarding, bringing about positive cultural shifts.
Enemy: Believing the Life You Want Is Unachievable
Don’t let doubt prevent you from creating the life you want. A second storey extension may seem daunting, but with the proper planning and support, it’s entirely achievable. Our company is here to help you navigate this transition and build a home that fulfils your vision.
The Positive Impact of Embracing Change
By choosing to build a second storey extension, you open the door to a host of benefits:
– A Beautiful New Space: You’ll have a custom-built extension designed to meet the unique needs of your family.
Improved Life Satisfaction: Better financial stability and emotional support will improve your overall happiness and well-being.
– Financial Flexibility: You’ll have more disposable income to spend on things that matter most to you.
– Support When Needed: Whether it’s childcare, eldercare, or emotional support, you’ll always have help when needed.
The option to build a second storey extension offers a wealth of benefits for those considering enhancing their homes. From financial savings and shared responsibilities to emotional support and improved quality of life, this option can transform your family’s future. As a trusted custom home-building company on the central coast of New South Wales, we’re here to help you every step of the way. Embrace the opportunity to create a loving, supportive, and financially stable home for all generations of your family.
READY TO BUILD A SECOND STOREY EXTENSION?
If you’re ready to take the next step & would like to speak with a professional builder at a time that suits you, Book a discovery call now using our online booking calendar.
You can speak to our team (obligation-free), and we can answer any questions about your project or the build process.
Still not ready to speak with a builder? That’s okay! Doing as much research as possible during this stage of your build journey will save you from making some big mistakes. Download our free guide, “7 things you must know before designing a Home.”. This guide will provide the correct information to help you avoid some critical mistakes homeowners make throughout the planning process.