1. Their Future is Now. Give them a leg up now as they are starting out, not at the end of your life. Plus, you will benefit from estate tax savings since you gifted the money prior to your passing.
2. Do the Math. It doesn’t add up to have your kids pay down someone else’s mortgage. With rents at an all-time high in Ontario, maximize the advantage of having them pay down their own mortgage. Also, the asset increases in value year over year.
3. Condo Equity Paydown and Appreciation. Your kids will have a future downpayment for a house using the equity and appreciation on the condo you purchase for them today.
4. Avoid a Migraine. Save yourself the headaches of dealing with your kid’s landlord. Their problems will become your problems. Lead the way and be the landlord, don’t pay the landlord.
5. Safety. Be in charge of who has access to your kid’s living space. Sidestep invasive or nosy landlords.
Discuss your condo-buying criteria with us so that you buy a condo for you kids that suits their needs. Looking for a Kitchener-Waterloo condo with an indoor pool? Consider Spruce Grove Condos, a 9-storey Kitchener condo located close to the expressway and Highway 401. Columbia Place, a Waterloo condo, offers great amenities including an indoor pool.
Interested in a Waterloo condo with great access to the universities, check out Black Willow Condominium – minutes from Uptown Waterloo. There are many amenity-rich condos for sale in the Waterloo Region.
Talk to a condo expert – that’s us! Call one of our team members today at our RE/MAX office 519-579-4110. Or text/call us on our cell phone numbers.
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