by Daniel Yoon | eXp Realty | Richmond, Virginia
More families in Richmond, Virginia are looking for multigenerational homes that accommodate parents, grandparents, and adult children under one roof. Whether you need an in-law suite, a main-level bedroom, or a home with two separate living spaces, the Richmond market has options. You just need to know where to look.
What Makes a Home Multigenerational?
- Main-level primary bedroom: Essential for aging parents who cannot do stairs daily
- In-law suite or accessory dwelling: Separate entrance, kitchenette, and bathroom for privacy
- Two primary suites: Both on the same level or on different floors
- Finished basement with full bathroom: Can function as a separate living space
- Separate entrances: Privacy for both generations
Where to Find Multigenerational Homes in Richmond?
New Construction in Glen Allen and Hanover
Several builders now offer multigenerational floor plans with built-in in-law suites. These are purpose-built with separate entrances, full kitchens, and living spaces. Prices: $450,000 to $600,000. This is the easiest path to a true multigenerational setup.
Chesterfield (Midlothian)
Larger homes with finished walkout basements are common in Chesterfield. A 4-bedroom home with a finished basement can easily accommodate two generations. Prices: $400,000 to $550,000.
Hanover County
Larger lots and ranch-style homes with additions. Some properties include detached guest houses or converted garages. Prices: $375,000 to $500,000.
Financing a Multigenerational Home
FHA, VA, and conventional loans all work for multigenerational purchases. If multiple family members are contributing to the mortgage, you can use combined income for qualification. Some lenders offer specific multigenerational programs. Discuss your situation with a lender who understands these structures.
FAQs
Can I add an in-law suite to an existing home in Richmond?
Yes, with proper permits. Henrico, Chesterfield, and Hanover all allow accessory dwelling units with varying requirements. Budget $30,000 to $80,000 for an addition with a kitchenette and bathroom.
Do multigenerational homes hold their value?
Yes. The demand for multigenerational living is increasing as the population ages. Homes with in-law suites or flexible floor plans appeal to a growing buyer pool.
Looking for a multigenerational home? Call Daniel Yoon at (804) 896-2694. I specialize in finding homes that work for the whole family.