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Giving the Gift of Real Estate

For some, it may be the most over-the-top thing you’ve ever done. But that’s according to your friends whose idea of overdoing it is using one per cent milk in their decaf.

Don’t listen to them. Listen to your heart. Because when all is said and done buying a house for your son or granddaughter this Christmas is one of the greatest tangible ways to show how much you love them.

Think of the looks on their faces when you tell them what Santa is bringing this year. Not only will you earn heaps of brownie points with the kids and grandkids, you’re sure to cement a stronger bond with them as well. If not stronger, than at least you’re opening the door to closer ties. Just be careful not to use and abuse the privilege as that only builds resentment and bitterness.

As for that sense of entitlement naysayers say you’ll foster in your kids, that’s all up to you. Ungrateful children who expect too much from their parents behave that way because parents have permitted the unbecoming behaviour.

Besides, there may also be somewhat of an ulterior motive involved in this special gift. Providing a roof for your children allows you, quite frankly, to rest easier knowing they are free from the financial constraints of rent or mortgage payments. Maybe now they can pursuit that MBA they’ve always dreamed of or travel to Africa to do mission work or become a master sommelier. The point is you’re buying them freedom and yourself peace of mind.

You won’t be alone. According to a 2011 national survey out of the U.S. more and more baby boomers are giving their kids or grandkids the gift of home ownership.

Commissioned by Better Homes and Garden Real Estate, the survey said that 20 per cent of baby boomers have already gifted, loaned, or co-signed a loan to support their children or grandchildren in purchasing a home. It also indicated that 70 per cent of baby boomers want to provide this financial support in the future.

The boomers in the survey said that love was the main reason they are willing to provide funding for a house and that they hoped their gift would allow their children and grandchildren to reach the American dream.

That sounds about right for Canadians as well. At Christmas, and any time really, it’s the gift that keeps on giving.

 

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Toronto Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.