A couple of young attorneys -- fresh out of law school and carrying a boatload of student debt -- yearned to buy their first home in Virginia. Given that they have two small children, they ached for a five-bedroom place in an area with top-rated schools. The only catch: the high cost of housing in their favored community.

But recently, the couple’s dream finally came true with the help of willing grandparents, who sold their big property in Philadelphia to co-finance a 3,700-square-foot mid-century-modern place in Virginia. The grandparents now live in a spacious suite within the house and provide much-needed child care for the young children.

“This three-generation plan worked out phenomenally well for the whole family. The grandparents wanted more time with the kids and had the means to share the mortgage expense. At the same time, the young couple greatly appreciate the on-site child care,” says Kate Foster-Bankey, the Compass real estate agent who helped structure the transaction.

In many areas, multigenerational housing is creating real estate options for would-be owners who can’t afford to make a purchase on their own. Indeed, the topic is so current that the National Association of Realtors just led a meeting with experts who addressed the subject.

“We’ve been saying intergenerational living ... is here to stay. And it’s here to stay because it’s being consumer-driven,” says Donna Butts, executive director of Generations United, a Chicago-based nonprofit that promotes “grandfamily” situations like the one involving the Virginia couple.

Of course, not all young would-be buyers are interested in co-ownership with their parents. But many buyers are comfortable with the idea of buying a home suitable for renting out an extra room to an unrelated tenant.

“The capacity to have at least one housemate in your place could prove a very welcome way to partially offset your mortgage payments with some rental income,” says Merrill Ottwein, an Illinois real estate broker who specializes in helping buyers who are relocating.

What sort of floor plan works best to accommodate a roommate? Ottwein recommends you look for a place with a bedroom suite that includes a private bath. Also, a separate, outside entrance to the suite is ideal.

Here are a few other pointers for those considering a first-time home purchase:

-- Look for a mortgage that keeps you within your financial comfort zone.

Many homeowners who faced foreclosure during the recession of 2008 had used an adjustable-rate mortgage to finance their purchase. They were able to qualify for an introductory “teaser rate” on the home loan. But once the ARM adjusted upward, they were in over their heads.

Due to the high level of current mortgage rates, more first-time buyers are again considering an ARM. But Ottwein, a past president of the National Association of Exclusive Buyer Agents (naeba.org), is skeptical that an adjustable would be a prudent choice for most first-time buyers.

“A fixed-rate mortgage gives you certainty your monthly principal and interest payments will remain constant for as long as you keep that loan. But with an ARM you have interest rate risk, even if it’s several years off,” Ottwein says.

He also warns all buyers against taking any mortgage (fixed or adjustable) that feels uncomfortably large.

“People who are house-poor suffer a lot of fear and anxiety about making their payments, which is a terrible way to live,” Ottwein says.

Even in the current era of tight credit, many first-time buyers who make it through the mortgage preapproval process are surprised to realize they’re qualified for a larger mortgage than they’d anticipated. To avoid over-borrowing, Ottwein suggests you set your own upper limit rather than letting the lender do so.

“Decide on your ceiling before you go looking at houses or condos. If you need a reminder, write that number on an index card and carry it around with you,” he says.

-- Pick an energy-efficient place.

Some expenses tied to homeownership, such as taxes and insurance, can’t be avoided. But home shoppers can more easily contain their utility bills if they choose a property that’s well insulated and has substantial, double- or triple-pane windows.

Before they commit to buying a particular home, Ottwein suggests that buyers ask their home inspector to evaluate the energy efficiency of the property they’ve chosen. He also recommends they ask the current owners for copies of their utility bills.

In addition, Ottwein advises buyers to update themselves on the topic of energy-efficient housing through online resources. One website that provides an array of information on the topic, energystar.gov, is sponsored by the U.S. Department of Energy, along with the U.S. Environmental Protection Agency.

-- Make proximity to friends a high priority.

If you’re like most young buyers, your social life remains of vital importance to you. But even though you may outpace your friends in achieving homeownership, you won’t want to move to an area that makes it extremely difficult to keep up your social life.

In an age of texting and email, it’s not necessary to live around the corner from friends to stay in close touch. But if possible, you’ll want to avoid buying a property many miles from friends, even if that’s your most affordable option.

“You won’t be happy if you’re isolated from your friends. So don’t buy a house so far away that you’ll strain these important relationships,” Ottwein says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

A couple of law school professors in their 60s were honored with the chance to work in Switzerland for a human-rights organization. With their kids already in college, they accepted the invitation. But one question loomed: Should they rent or sell the stately Georgian house they’d inhabited for a decade?

Assuming they would one day return to their leafy suburban neighborhood, they opted to rent out the property to a single man with three teenage sons. Unfortunately, the rental worked out poorly. The couple chose to remain in Europe indefinitely and sell the house. But the tenants had so damaged the property that the owners had to embark on a costly renovation before putting it on the market.

Dorcas Helfant, a past president of the National Association of Realtors, doesn’t know the homeowners in this true story. But she says they could have foreseen the potential for expensive issues created by the three-year rental involving the single man’s family.

“The horror story happens for some owners who fail to realize that renting could mean your light-colored walls will get banged up and your carpets die. Maybe your hot-water heater and air conditioner will go out as well. Also, don’t forget the potential for awful black mold in your bathrooms,” says Helfant, the co-owner of six Coldwell Banker realty firms.

But the decision to rent rather than sell isn’t always a bad one. As Helfant notes, there can be advantages to leasing your home on a temporary basis.

One category of owners who might benefit from a short-term rental are soon-to-retire people who want to try out a new location for possible relocation. Perhaps they can afford to take a temporary rental in the new area only if they can collect rental income on the place they already own.

“Perhaps you always imagined retiring to a sunny area several states away. Or you’re considering a community close to your grown children and grandkids,” Helfant says.

This temporary rent-rent option could also work well for owners whose plans are uncertain due to a recent divorce or death in the family. Or you might pursue this course because you’ve taken a new job in another city and aren’t sure the career change will work out.

“In all these situations, you keep your options open as to when and where you’ll settle down,” says Mark Nash, a real estate analyst and author of “1001 Tips for Buying and Selling a Home.”

But Nash urges owners to exercise caution before deciding to rent out any home. Here are a few pointers:

-- Collect information on the strength of your local rental market.

You may think it’s wise to rent your home for a limited period of time until your plans gel and you’re ready to sell. However, this may not be the case if the supply of rental properties in your area outstrips demand, depressing the rental income landlords can collect.

Most large realty firms have rental departments that can help you assess the relative strength of your local market. Agents who routinely list rentals on the Multiple Listing Service should be able to quickly estimate how much rental income you can expect to receive.

Real estate ads can also give you clues as to the state of supply in your area. Look for listings of property similar to yours.

-- Crunch the numbers on the financial implications of renting your home.

When assessing the financial impact of converting your place to a rental, even a temporary one, Nash says you should be sure to factor in the expense of home maintenance.

“Remember that if the bathroom plumbing develops problems and your tenants are going through meltdown about it, you’ll probably need to pay a plumber rather than fixing it yourself,” he says.

As Nash says, you’ll also want to consider the tax implications of a rental. To do so, he recommends you call or visit an accountant for advice.

-- Assume you’ll need to empty your home of renters before you sell the place.

As real estate agents will attest, it can be tough to sell a home while tenants are living there.

To avoid this potential problem, Nash recommends you plan to have your property vacant for at least a month before putting it up for sale. With the tenants gone, you can ensure that any cosmetic or repair issues are resolved.

-- Look into professional management for your rental property.

Nash says it’s sensible to consider hiring professional managers to deal with tenants, sparing you the need for direct contact. You’ll still have to pay the repair bills, of course. But you won’t need to take those late-night calls from irate renters.

“Being a landlord is like being a parent. You’re faced with demands you can’t push off onto someone else, unless you have a property manager,” says Nash, who owned several rental units for a period spanning 11 years.

-- Try to damage-proof your house before your tenants move in.

There are no guarantees your home won’t sustain serious damage while it’s rented. But Nash advises you to take several steps to minimize your risks. Repaint walls covered with latex paint with an easy-to-clean semi-gloss finish. Seal your hardwood floors with two or more coats of protective coating. And replace valuable light fixtures with inexpensive ones.

“With a short-term rental, your goal is not to become a professional landlord. The idea is to keep your options open until the timing and circumstances are right for you to sell,” Nash says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

A married couple in their late 60s -- a pharmacist married to a high school teacher -- never imagined they’d be house hunting as they approached retirement. But that’s exactly what this San Diego couple is doing: plotting a move to a Washington, D.C., suburb to live close to their three preschool grandkids.

“At this stage of our lives, the kids mean everything to us. They’re still in strollers, and we’re happy to help their parents in any way possible, including childcare. Then we hope one day their parents will help us out if our health turns bad,” the pharmacist says.

For many years, the older couple have been careful to save as much as possible for their retirement. Saving proved a lot easier after they prepaid the mortgage on their San Diego property more than a decade ago. Their Spanish-style house has quadrupled in value, and they expect to soon sell, pocketing a handsome profit.

Contrary to many in their age group, the couple is expecting to upsize to an even larger property within the same neighborhood where their three grandkids live.

“Nearly all of our friends are downsizing, but we’re traveling a different road. We want a bigger house where all three kids can have their own rooms and stay over with us anytime they want. They won’t be young forever, and we cherish these early years. Nothing means more to us,” the pharmacist says.

Right now, they’re considering a brand-new house with five bedrooms and seven bathrooms. The two-story luxury property, with 6,349 square foot of living space, is elevator-ready in case they should have difficulty scaling the stairs as they grow elderly. Best of all, it’s located just two blocks from the grandkids’ house.

“We love that this beautiful community has neighborhood schools and a big regional park where the children can play basketball and soccer. It also has great trails where the kids can bike safely,” the teacher says.

Moving up to a larger residence is uncommon for seniors because of affordability issues. But it’s not necessarily an imprudent idea, according to Eric Tyson, coauthor of “Personal Finance for Seniors for Dummies.”

“The exciting reality for some seniors is that appreciation on their real estate, coupled with strong 401(k) savings, have actually given them a net worth in excess of one million dollars. That allows them a range of dream-home options,” Tyson says.

Still, Tyson cautions seniors against making any trade-up decision without considerable forethought.

“The catch for people planning for their later years is that they don’t know how long they will actually live or whether they’ll need home health care or assisted living in their later years. Health care of all kinds is getting terribly expensive,” he says.

Here are a few pointers for those planning to upsize in retirement:

-- Seek out a mortgage lender for advice.

Sid Davis, author of “A Survival Guide for Buying a Home, recommends you fact check your financial concerns with an established mortgage lender.

Even if you’re confident you can qualify for a mortgage on a bigger home, it’s good to gain preapproval to enhance your chances of acquiring your dream house. This is especially important for retirees who must prove they have the assets and income despite no longer receiving W-2 statements.

“It’s true that lenders are a little less stringent than they were during the financial crisis of 2008. But you still need to have all your paperwork in order. To make the lender happy, I recommend that even before you start shopping for homes, you pull together the key documents you’ll need to show you’re worthy of a bigger mortgage,” Davis says.

-- Reconsider your reasons for planning to move.

Anxiety can prevent people from moving ahead, even when it’s against their interest. But those convinced that now is a good time to buy a bigger home shouldn’t let unwarranted fears constrain them.

One way retirees can put their fears about real estate in perspective is to reexamine their original reasons for trading up.

“Remember that waiting to acquire that larger house means that your intentions are delayed, which would postpone improvement to your quality of life. Anyway, there’s no guarantee you’d get a better deal a year or two from now,” Davis says.

-- Make sure you fully research the target market where you hope to buy.

In many areas, inventories of unsold homes are still very tight or shrinking, making multiple bids commonplace. But in other neighborhoods, the inventory balance is gradually getting better for those seeking to move up. And in still other areas, the picture is mixed. It all depends on your target market.

Suppose, for instance, that you’re selling a property in a starter-home community in great demand by millennials trying to break into homeownership. Meanwhile, you’re intending to buy in a luxury-home neighborhood where there’s an ample supply of properties and buyers don’t outnumber sellers. In that case, you could do well on your dual transactions.

If you live in an area with many available housing options, you can afford to take somewhat more time to make your selection and seal a deal. But Davis cautions against waiting indefinitely to buy in any area that remains red hot -- perhaps because it’s an extremely popular community with little new construction.

“Assuming this is really the right time for you to buy and your numbers work, don’t let past disappointments with real estate, like losing out in a multiple bidding situation, haunt you,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)