Mary, Wellington
Multi-generational living is becoming increasingly common in New Zealand as families aim to support one another while navigating the challenges of the country's expensive housing market. By sharing a home, families can pool their resources to afford homeownership and maintain close bonds. However, creating a comfortable and functional home for multiple generations can be challenging, often requiring significant renovations. Renovation loans can provide the financial support needed to turn your property into a space that suits your entire family.
Affordability and Cost Savings
The primary benefit of multi-generational living is the significant cost savings it offers, especially in light of New Zealand's high housing prices. According to recent data from Quotable Value (QV), the average house price in Auckland reached a high of $1,291,387 in early 2024. This makes homeownership increasingly difficult for many individuals and families.
By combining resources and sharing living expenses, multi-generational households can also make homeownership more attainable and reduce the financial burden on each family member. For example, instead of each generation trying to purchase separate homes, they can pool their funds to renovate their current residence to accommodate them. This approach can reduce the amount each person needs to contribute towards a mortgage, making homeownership more accessible.
In addition to making homeownership more affordable, multi-generational living can allow families to save money on everyday expenses such as utilities, groceries, and childcare. With more people contributing to household costs, the overall expenses per person can decrease. Also, grandparents can often assist with looking after young children, reducing the need for expensive daycare services, which can be a significant financial burden for many families in New Zealand.
Challenges of Multi-Generational Home Renovations
Creating a multi-generational home often requires significant renovations to ensure that the property meets the needs of all family members. This may involve adding bedrooms, bathrooms, or living spaces to accommodate a larger household, as well as making modifications for accessibility and safety.
However, these renovations can be costly, and many families may struggle to finance them through savings alone. This is where a renovation loan from a trusted finance company like Future Finance can be a valuable solution, providing the funds needed to transform your property into a comfortable and functional multi-generational home.
Securing a Renovation Loan for Your Multi-Generational Home
At Future Finance, we understand the unique needs of families seeking to create a multi-generational home. Our renovation loans are designed to provide the financial support you need to make your vision a reality, with flexible repayment options and competitive interest rates.
When you apply for a renovation loan with Future Finance, our experienced team will work with you to understand your specific requirements and tailor a loan package to suit your needs.
Home Renovation Loans with Future Finance
We are proud to be New Zealand's only 5-star rated finance company on Trustpilot, with over 25 years of experience helping Kiwis achieve their financial goals.
To learn more about how a renovation loan can help you create a multi-generational home for your family, give us a call at 0800 25 10 10 or fill out our 2-minute online personal loan application today. Our friendly and knowledgeable Kiwi team is here to help you every step of the way.