Quote:
Originally Posted by milkStar
Would it be a better idea to build a laneway house at my parents residents or buy a 1 bedroom apartment during this time?
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Personally, I'd opt for a laneway house in this case, but I am not really thinking this through with any sort of financial investment incentives in mind.
My thought process is -- if building a laneway house at your parents' place is a potentially viable option, chances are, you're on pretty good terms with your parents. As everyone gets old and progress in life, your parents are going to get old too, and you'll likely have a family of your own. When that time comes, a totally viable option becomes swapping residences with your parents (and "buying out" their share of the house. They'd have a smaller place to live and take care of. You'll be living close to each other while having your own separate places. You can continue to enjoy each other's practical support. If that is an arrangement you can live with, it sounds like a win-win to me.