Grandparents play an important role in their grandchildren’s lives. The expression “it takes a village to raise a child” shows their invaluable contribution. A good first step in building a more harmonious relationship with your kids is to have an honest discussion with them. Talk about how you can support them in raising your grandchildren—a role that’s sure to keep you on your toes! If you’re looking to get closer to your kids and grandkids and are thinking about moving in with them, have an open conversation as a family. We’re living in uncertain times. An intergenerational home is an appealing alternative to living in a senior’s residence for many people and promises to grow in popularity moving forward.
One of the first things you need to think about when you retire is what kind of home you want to live in. Moving in with your kids can be a great option for everyone involved, but you need to plan ahead for such a major life change. There are a lot of factors to consider—purchasing a home, the neighbourhood, proximity to services, your health and also the financial impact.
A joint parent-child project like moving in together involves coming to shared agreements and weighing up the different financial considerations. For example, if you move in with your child and their family as a tenant:
If you become a co-owner with your child, you’ll need to consider the following:
Several municipalities and provinces have programs to support intergenerational home conversion projects. Are you familiar with yours?
A personal financial advisor can review your financial situation and help you figure out whether moving in with your kids is realistic based on your respective assets and income. And they can help you decide which buying options and living situations are best for all involved. Together, you can go through all the different options and turn your retirement dreams into reality with your loved ones.
Best of luck with your family project!
The articles on this website are for information purposes only. They do not create any legal or contractual obligation for Laurentian Bank and its subsidiaries.
These articles do not constitute financial, accounting, legal or tax-related advice and should not be used for such purposes. Laurentian Bank and its subsidiaries may not be held liable for any damage you may incur as part of such use. Please contact your advisor or any other independent professionals, who will advise you as needed.
The articles may contain hyperlinks leading to external sites that are not managed by LBC. LBC cannot be held liable for the content of such external sites or the damage that may result from their use.
Prior written consent from the Laurentian Bank of Canada is required for any reproduction, retransmission, publication or other use, in whole or in part, of the contents of this site. © All rights reserved, Laurentian Bank of Canada, 2019.