Canadians who purchase a home with family or parental involvement continues to gain popularity while purchasing a home with a spouse or partner has shown a steady decline over the past few years. According to the 2019 RBC home ownership poll, a family purchase is now nearly as popular sole ownership. The family purchase approach to buying a home is especially popular with the millennial set.
While funding as a family provides an opportunity for those who may not be in the financial position to buy on their own or with a partner, it has the potential of being complicated when multiple parties come together to finance such a large purchase. Here are a few tips to help you manage this financial milestone together and help ensure your family bond remains stronger than ever:
Lay the ground rules – together: People tend to be reserved when talking about money, but now is not the time for this mindset. Approach the process by being open, honest and candid about your individual plans and commitments to contribute to the home buying process and financial commitment. This will help eliminate surprises and misconceptions, which is especially important once the purchase has been made.
Create a contingency plan: Buying a house is much more than a monthly mortgage payment. Preparing for one-time, ongoing and emergency costs of homeownership is essential to being able to manage.
Seek advice from an expert: While there are lots of great online tools, a great way to manage questions and concerns together is to talk to a mortgage specialist in person together. They can make sure you have a complete understanding of your current situation and have a look at your short- and longer-term plans and goals while easing any worry in real time.
To find an RBC Mortgage Specialist near you for no-obligation professional advice, personalized service, and fast and easy mortgage pre-approval visit www.rbcroyalbank.com/mortgagespecialist.