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Family Dynamics Can Affect Property Ownership

Friday, March 9, 2018   /   by Ruth Ballantyne

Family Dynamics Can Affect Property Ownership


Family Dynamics Can Affect Property Ownership.



 



As today’s families grow while the generation before them ages, they may be facing home ownership trends that were not predictable only a few decades ago.



 



Perhaps the most obvious is seniors continuing to function independently in their own homes in the later stages of life. But an even less predictable trend might be adult children continuing to reside in their family home.



 



Their parents are often called the “sandwich generation” due to their dual role of caring for elderly parents and children simultaneously, even as they enter retirement years. This can



affect how they utilize their real estate assets, perhaps delaying a downsizing decision, or increasing debt to finance a child’s first home.



 



One of the spin-offs of such circumstances is the frequency of shared inter-generational property ownership. This can create complications that require consultation with financial and legal specialists, with regard to liabilities, powers of attorney and wills.



 



*Article Provided by Morris Marketing*

Ballantyne Professionals | RE/MAX Realty Services Inc.
Ruth Ballantyne
295 Queen Street E
Brampton, ON L6W 3R1
905-456-1000

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated July 29, 2021
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