Affordability and Innovation: Multi-Generational Housing and Solar Panels
Welcome back to Go Gaddis Real Estate Radio right here on AM 920 The Answer. In this segment, multi generational housing, believe it or not, helps with affordability.
And in today's world, we've got an affordability problem. And solar panels. Well, you need to know about solar panels. And where does the city of Atlanta rank in terms of the use of solar panels? My name is Cleve Gaddis. You're listening to GoGaddis Real Estate Radio where we help listeners go from real estate novice to expert.
So home selling and buying can be done with total confidence and without all the worry that is so typical with life's biggest investments. We want you to know everything you need to know before you make any important decisions in the home selling and home buying process. We want you to be confident with that home buying or selling process.
Also, we want to connect with you and it's easy. Go to gogaddisradio.com You can ask questions that we answer on air or off air. We're fine either way. In some cases, people just have questions that they'd rather be answered in private. And I don't want you to think that I think I have a corner on the right answers for all questions real estate.
Um, because I don't. But the reality is that I am willing to try to help anybody. And if I don't know the answer to a question myself, I probably know an expert, somebody who could help us get that question answered for free without you having to invest any money and I'm totally happy to bring that to the table.
You can make comments or push back, challenge things we say. You can share your ideas with us, especially when it's ideas about things that have worked well for you in selling a home or buying a home or in living in your current home to make it more You can also request your neighborhood, uh, be featured on the radio show after we do a deep dive over the last three years to help you understand, um, the critical changes that happened over the last few years that might give you as a homeowner in the neighborhood, a particular advantage or in some cases the disadvantage.
And you can subscribe to our podcast all at go get us radio. com. The media seems to portray, as I know, you know, doom and gloom in the housing. Hopefully we are able to shed a different light on that. Options for affordability are out there for sure. The reality is, as John Birchfield and I talked about in the last session, people have got so much equity in their homes that when they take that equity and they invest it in a new home, in many cases, it offsets a significant portion Of the additional interest that results from the higher interest rate.
We've got a listener question or we received a listener question from Thomas in winder. We still want to buy a home, but feel the only way we can do it is to bring our parents to live with us, share the expenses. Can you give us some reasons this may or may not be a viable option? And the reality is it is a.
Multigenerational living, uh, is for those of you who may not know, is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents. A recent study by the National Association of Realtors says the top two reasons people are opting for multigenerational homes today both have to do with affordability.
The first is cost savings. About 28 percent of first time homebuyers and 11 percent of repeat buyers are deciding on a multi generational home to save on costs. By pooling their resources with another generation, households can share the financial responsibilities like mortgage payments, utilities, property taxes, and maintenance to make homeownership more affordable.
Also, another 28 percent of first time homebuyers and 18 percent of repeat buyers are doing it because they want more. a larger home that they can't afford on their own. So they find themselves willing to help take care of older parents, um, while also welcoming, welcoming other people to the household as well.
So there are, uh, you've got to make sure everyone has their own space. If you're going to, uh, do multi generational living, you got to find room for shared household time and possibly even create. Adaptable areas for older relatives. It's a puzzle and the pieces have really got to fit together very, very nicely.
The bottom line in multi generational housing is buying a multi generational home can be a smart way to tackle some of today's affordability challenges. When you team up to share expenses, you can make your dream of home ownership more attainable. You absolutely Positively can. I don't know if you have ever lived in a house with another generation.
I know when I was growing up, my grandmother on my mom's side passed away unexpectedly. She went in for some surgery and and there were complications and it was always expected that my grandfather would go before my grandmother, but it happened the other way around and he was just lost. He was like a lost soul that he came to live with us and um, I think my mother tried the best she possibly could, but it just didn't work out for him to live there.
And I was 11 at the time, and my mom decided that it was, it would make sense for me to at least go spend a couple of months with him. Over the summer, in between school years, and uh, we had just moved from DeKalb County to, Gwinnett County, Peachtree Corners to be specific, and I went and lived with my grandfather for a couple of months, and I know that's not multi generational housing because it's not two adult generations together in the same house, but I had so much fun with my grandfather.
We drove places and went out to eat nice places and worked in his garden and visited with neighbors and went to church and we made breakfast every single day and I remember that breakfast just like it was yesterday. It was cream of wheat. It was always cream of wheat and my grandfather thought it was a great thing to do to do.
Put an egg in the cream of wheat, and I guess that makes sense to me, to put a little protein and fat in the cream of wheat, but then he would put in the ultimate additional ingredient that made it taste so, so good, and when I say this, most of you are going to be all yucked out and grossed out, but we would add peanut butter, and not just one scoop, but two good, heaping, helping, Spoonfuls of peanut butter.
And what's so interesting is I am 55, so it has been 44 years since I lived with my grandfather. And still, in the morning, if I want a real, real treat, I will make cream of wheat, I will add an egg, and I will put in Two spoonfuls of peanut butter. So multi generational housing might not work for everybody, but the reality is that sometimes people have wonderful family memories and experiences when they have a shared multi generational home.
If you've just joined us, you're listening to Go Gaddis Real Estate Radio right here on AM 9 20. The answer I'm Cleve Gaddis. I can be reached at goGaddisradio. com or you can call 770 497 00. 00, easy way to reach us. Did you know that solar power has been around a lot longer? than you think. The first ever solar cell was invented in France back in 1839.
That is a long time ago. I don't remember it now. I'm 55 years old, which means when I was in the 70s I was 10 years old. 12, 15 years old. Um, or 12 years old. And, um, I don't even know if I heard about solar panels back then. But we have a listener question from Dolores in Norcross. Says when she travels to other states, she sees solar panels.
I go to Dallas all the time and I see solar panels. For those of you who remember, my girlfriend's name is Tammy and she lives in Dallas. And, uh, when I go to Dallas, I see solar panels on homes and businesses. And, uh, I wanted to answer just a few questions here. So let's talk a little bit about solar panels.
Uh, even decades after their invention, solar panels still look really space age cool. And they harness the sun's heat. to provide electricity to homes. Atlanta ranked dismally low with about 64 homes per 100, 000 residences, which are 74 out of 100, 000 homes outfitted with solar panels is a far cry from the top five cities all located in California.
There are financial and other responsibilities. When buying a home with solar panels, the reality is in Georgia, it just doesn't work from a sunlight standpoint. But let me just talk about some facts that I think you need to know. Number one, the cost of insulation could be high. And if the owner was on a payment plan, it might become yours.
If you buy it, if they are leasing, then there might be a monthly charge that never, never ends. Sunlight is required. So if the location isn't ideal, there may be a high, there may be high electric bills in addition to what your panel produces, the size, shape, and slope of your roof. are important factors to consider.
Typically, solar panels perform best on south facing roofs with a slope between 15 and 40 degrees, though other roofs may be suitable too. You should also consider the age of your roof and how long until it will need replacement. You don't want to put solar panels on and then immediately have to take them off and replace the roof.
You want to check the warranty mini? Solar panel manufacturers provide long warranties. 25 years or so. Check this out. They are expensive to repair or replace. And sometimes if you put solar panels on a home in Atlanta, for example, buyers may not want them, so it might be a problem. If you have considered putting solar panels on your home, or would like to know whether or not your home is a candidate, it's easy.
Go to sunroof. withgoogle. com. Sunroof, s u n r o o f. withgoogle. com. Google dot com. You can type in your address. I just went and typed in my address. I actually live in Johns Creek with a Duluth mailing address, and it says my roof gets 1510 hours of usable sunlight per year. And I have 1, 163 square feet available for solar panels.
It says with a current electric bill of 125 a month, your roof may not be ideal for solar panels. Contact a solar provider to learn more. I'm guessing if I contacted a solar provider. solar provider. It would refer me to somebody who could potentially sell me one. Uh, so anyway, that's a great site. Project Sunroof by Google.
This segment of the show is brought to you by the law firm of O'Kelley and Sorahan. They're a full service law firm with 26 offices throughout the Atlanta area. Also got one in Florida. We've got a seller closing in Metro Atlanta and they went to Uh, O'Kelley and Sorhan office in Florida to sign paperwork.
This firm specializes in residential real estate closings, including home purchases, refinance closings, corporate relocation, and real estate contract review and title insurance matters. It can be reached by calling 770 497 1880, 770 497 1880. If you want to sell your home anytime in the next 6 to 12 months, we believe we can sell your home for 28, 000 more than your neighbor sold his or her home for.
It is easy. Go to gogaddisradio.com, click on sell for 28,000 more or just 28,000 more. Put in a little bit of income. I mean, put in a little bit of information, not income. We don't need to know anything about your income. We want to make sure you get more income, put in a little bit of information. We'll reach out to you and look at your situation and help you understand how we can sell your home for 28, 000 more than your neighbor sold his or her home for.
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When we come back in our Neighborhood Spotlight, Marina Bay in Gainesville will be featured. Buyers can now search by school on Zillow, which is good to know. And we're gonna talk about the Gaddis Real Estate Legacy. Stick with us. We'll be back.