Huge proponent of nanny shares here. We did one with my older kid, then we had our own nanny (2 under 2) and now we're headed back to a share for our younger child.
For us, our own nanny was not financially feasible for longer than the 18 months we did it. So for us, it was nanny share or daycare.
To me, the biggest advantage of a nanny share is SLEEP. Our son is a finicky sleeper. He needed a pitch-black room and a noise machine. That's just not doable at a daycare. Every one I visited had a "well, they sleep when they're tired" attitude toward morning naps. At best, they rolled the crib into a somewhat darker corner when a kid fell asleep. Some kids I'm sure do great with that, but 1) my son would not have 2) even if your kid can fall asleep like that, that is far from ideal.
We hosted - and it's great. No pickup/drop off. Yeah, our place feels a bit like a daycare, but so what? The other family is great. The nanny is great. It's so easy. Find a nanny payroll service (we use and recommend poppinspayroll) and call your homeowners insurance company and ask to add workers comp. It's like $800 a year, NBD. The nanny brought her own food, and the other family brought food for their baby. With just two kids, you DON'T have to agree on everything related to childcare. If one family is sleep training and wants the nanny to help, she can do that, even if she's still rocking the other baby to sleep. You do need to coordinate a bit on schedules, but honestly, that was just not that big a deal. Each family tells the nanny their schedule, and she'll figure out how to coordinate both, and let you know if one needs to be tweaked. There was a bit of an awkward month when one baby was ready for one nap before the other baby, but really, it was fine, the nanny made it work.
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