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If you have kids, we know you’ve had this thought: How are they ever going to buy a home in the area, in the city, or anywhere for that matter? We’ve been able to help our clients help their kids get into their first home, and we wanted to share a few different ways we are doing that. Let’s start by acknowledging that homeownership is still an exceptional long-term investment. For those of you who know our team, you’ve never heard us talk about real estate being a get-rich-quick business. We always emphasize the long-term wealth that can be built by homeownership.
Here are the options you have to help your kids do the same:
2. Co-sign on the mortgage. If they can’t qualify for a mortgage, they may need your help. Over 65% of the buyers our mortgage professionals are working with have co-signers. You have to qualify for it, and you'll have to submit all the same paperwork your kids will, but it’s a good option.
3. Consider shared ownership. We often get pushback on this, but we say it’s better to have half of something than nothing. If two people have jobs and can’t afford homes on their own, perhaps they can share. A lot of our homes are duplexes that can offer extra leverage with a third basement apartment that can be rented out.
4. Buy and rent out a small investment property in your local area. We’re finding a lot of small areas in and around the GTA have positive cash flow. This will allow you to make passive income on this property and use the extra cash to pay for something else.