Should you lend money to your kids?

By Richard Yasinski Certified Financial Planner   I often get asked the best way to help grown-up children to get into their first home. A home can be a great savings and investment strategy. But it can also be challenging for first-time homeowners to purchase without help. Here are a few things you should consider before making the decision to help, and how you might go about it: Does it make sense for them to own a home at this time? My daughter started working in Ottawa with the best of intentions of settling here. She rented an apartment, bought furniture, and began to save for a home. But life happened. Now she’s a wildfire ranger in Alberta, living in a camp all summer. (And guess where all her furniture is.) With the transient nature of employment, you need to be as sure as you can be that your son or daughter have a high probability of staying put. Be prepared with Plan B: Let’s say they move out of town for work. Your investment may need to become a rental. It might be more appropriate to renovate the basement for them to live if job security is an issue. Buying a home and having to sell too soon is costly.   How to go about it? Once you’re confident they’ll buy the most appropriate home in the right...

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