As you and your siblings grow up and move away, your parents may not need a large home with many rooms if they are currently living in such a property. Downgrading may seem like a dirty word to some of our parents, but it can be beneficial if they are able to unlock some value in their property during their retirement years and maintain a smaller home at the same time.
Of course, some parents may not even consider such a possibility. In such scenarios, you and your siblings may need to contribute towards their household expenses while still maintaining your own homes. This may cause you financial stress.
Another possibility is that they could rent out their home while living with you or one of your siblings. Even in this case, their home should always be kept as a safety net for them. Living with many people under one household could bring about challenges and disagreements.
Whatever the scenario, the goal is to figure out the housing option that requires the least upkeep and delivers the most return, financially and emotionally, for your parents.