Home purchases are still the single biggest investment that Canadian families make. With the Total Debt Service Ratio set at 40% and house prices climbing, more young adult Canadians are living at home for longer.Some may be saving for their own home, while other have returned home to recalibrate after living on their own, they must revise their strategy to launch out on their own,
While this form of shared accommodation is often a mutual agreement between parents and adult children, many have not explored creative real estate strategies that are sustainable. The Property Savvy team listens to the need of many who are forming this growing trend and provides effective real estate solutions for home ownership. Some creative solutions for launching out can be:
- Inter-generational Home Purchases. Families buying larger homes together to suit the lifestyle need, while maintaining independence and privacy by creating separate individual living spaces.
- Purchasing an income generating property (basement apartment) that reduces monthly commitments and increases cash flow.
- Inviting parents, relatives or friends to become a real estate investor by purchasing a suitable property which you can tenant.
- Rent to own opportunities.
- Buying smaller efficient spaces that are lifestyle sustainable.