Planning to Move in With the Kids? Read This First!

Posted on February 6, 2018 by David Severide in Featured, Real Estate

 

Given the extremely high cost of housing, there is a growing trend in the Lower Mainland for elderly parents to provide substantial amounts of money towards the purchase or renovation of a house owned by a child, on the understanding that in return for advancing the money, the child will allow the elderly parents to reside in the home owned by the child, perhaps in a separate suite. Sometimes these informal arrangements also include an expectation that some level of care and support will be provided by the child, such as meals, basic nursing care and the like.