A legacy home is a property that is built with the intent that it will be passed down to future generations. It’s a property that will not only build generational wealth but will also be the backdrop of priceless memories and a place to plant emotional roots. A legacy home is a retreat for your family to gather, relax and entertain, and it will live on for your family’s future generations. When you’re designing a legacy home, being intentional with your design decisions and choices is a gift to those who come after you. If you’re considering building a legacy home, read below to learn more.
Build to last
When you build a legacy home, being highly discerning with the longevity of the material and finish selections will help ensure that the house is built to last. Focusing on quality craftsmanship and long-lasting materials, such as hardwood flooring, custom cabinetry, marble countertops, sustainable elements and a focus on energy efficiency will create a stable foundation.
Space planning
As you design a house that your children, grandchildren and extended family will enjoy, think through how your family will enjoy the space and how it can accommodate your family as it evolves. Thinking through primary gathering spots such as the great room, a game area, a movie room, dining areas and other shared spaces will create a space that facilitates togetherness. Alternatively, it’s equally as essential to consider spaces where family members can retreat to.
Consider the available land
Considering the property’s available land and acreage is a factor to consider when you build a legacy home. There may be a time when your family decides to add or build additional structures to accommodate a growing family.
Create a long-term management plan
As part of your estate planning, creating a long-term management plan will help to ease the maintenance and management burden on future generations. A legacy home will be one day filled with those you’ve never met. Creating a management plan will help ensure the house will be well cared for. It should also be flexible enough to adapt to family changes, economic shifts and adjust to evolving times.
Make a short-term maintenance plan and use calendar
If the house will be shared among different families, having a calendar system to assign periods of use will make it clear who can use the home, and when. A maintenance plan and budget will also make it easier to assign ongoing maintenance and eventual renovation responsibilities and costs.
Funding and estate planning
When you’re building a beautiful and expensive home, it’s essential to consider the financial situations of the generations who come after you. Thoughtful estate planning should factor in home costs for future generations. From taxes to maintenance costs, having a plan in place to cover these expenses will help ensure that the home remains in the family.
A legacy home is one of the most treasured assets you can give your family. It’s the backdrop for holidays, movie nights, dinner parties, sleepovers, weekend pancake breakfasts, and all the little moments in between.
