Should You Co-own a Home with Your Adult Children?
The year will be over before you know it, and with it comes a new year and a new personal finance landscape. A major issue for many midlife parents is how to plan for adult children who are moving back home – or who never left home at all after college. It’s a wise idea to do some financial planning and to give them a leg up in a housing market stacked against young first-time buyers.
With housing prices rising, you might want to co-own a home with your adult child.At the very least, it may be a course worth considering. Here’s how to weigh the pros and cons in your particular situation, according to the Canadian Globe and Mail:
Parents and children don’t have to live together in a co-ownership arrangement. Buying together as an investment might simply be a way to secure a mortgage for the kids.