Quote:
Originally Posted by Unregistered
Family of five, with 3 teenage kids. We own only 3 fully paid condos (one bought in 2003, one bought in 2006 and another bought in 2009). We aim to buy another one condo before we retire so that each kid can own one condo. Hoping for prices to drop, quite tired of waiting to deploy our cash savings.
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Best to let them buy their own homes, otherwise you will likely end up with squabbling children as your condo apts bought at different times are not the same. Even if they have same values, they may not be of same sizes, same location, FH vs 99 yrs etc...
Learn from other cases (eg in the news lately). Better to give them cash - easier to be equitable. We are rethinking our plan to let our children have equal share of our properties when we pass on. They can choose to sell them and divide the proceeds or to agree to sell / buy over each other's share at prevailing prices.
It is sad to see families breaking up because of such things.