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Peter Mulholland | Ora Ross together with their team of professionals offer the utmost in client customer care and experienced quality service. Helping buyers and sellers in the Central Toronto, North York and Thornhill areas for over 20 years.

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4 Ways to Help With Your Child’s Home Purchase

By: Peter Mulholland & Ora Ross

4 Ways to Help With Your Child’s Home Purchase

Tags: Home Buying

We're sharing tips on how you can help your adult child become a homeowner in the GTA.

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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:
 
1. Gift a down payment. If you have some extra savings or equity in your home, you can gift money to your kids and banks will acknowledge the payment.

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.
 

"Duplexes can offer extra leverage to shared ownership."

These are just four ideas, and we could go on for a long time on each one, but we can tell you that our clients using these strategies right now are having great success. If you have any questions at all, don’t hesitate to reach out via phone or email today. We would love to help you.