Why Seniors Should Buy A Home With Their Adult Children Instead Of Renting

There could come a time when you become a senior that you decide you wish to sell your home and either buy something smaller like a condo or perhaps you would prefer to rent. When you rent, you don't have to worry about paying off a mortgage and property taxes won't be a concern either. However, it's a better idea to buy a home with your adult children and here's why.

Cost of a Shared Home 

When you opt to buy a home with your adult children, you aren't shouldering the burden of the home's cost on your own. Your children will also put money toward the down payment and the mortgage payments. This will lower the expenses both you and your children will have to pay for the cost of the home. It may be possible that your children may not qualify for a mortgage on their own, and you may enjoy having them to help with the maintenance of the house, so it ends up being a win for you both.

Lower Expenses All Around

It's not just the mortgage that you can share in, either. You can divide the cost of utilities, other bills; if you need any repairs done on the home you can share in the cost of the professional and property taxes can be split too.

When you can share in the burden of household expenses as a whole, it takes away your stress at having to save enough each month just to keep your house afloat. This can be a win for both you and your children, as they will have more money to spend on their children or other vacations, and you can also indulge in activities you may not have felt you were able to before.

Sell to Your Children

There might come a time when you decide you want to move away somewhere warm, to a condo or simply to a retirement community that's better suited to your needs. Instead of going through the motions of putting your house up for sale and waiting for a buyer, you can instead sell the remainder of the home to your children. You could also opt to transfer your portion of the ownership to them if you had planned to will them the estate anyway.

Health Concerns

You might worry that you will experience some health problems as you age and you may not wish to move out of your home into a care facility. If you are able to live in your own home during an illness, living with your children may enable you to stay in your home and still have someone you trust close by in the event of an emergency.

For more information, contact your local real estate agent.



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Understanding Real Estate Deals After thinking long and hard about what kind of home to buy, I began talking with a real estate agent about getting a deal that I could live with for the rest of my life. I really wanted to find a home and a deal that offered pleasant terms for me and my business, so I began focusing seriously on getting things done. It was amazing to me to see just how different various real estate deals were, and before I knew it, I was making some changes that would work for my lifestyle. Within a few months, things were a lot better. This website is all about understanding and applying real estate deals.

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