Hot on the heels of my previous post about ownership of our laneway comes this article on the Senior Living website.
The “canny senior” , Ann Eynon has built a laneway on her daughter’s property (such a clever idea!). She says
“It’s lovely to free up the cash rather than sitting on it,” she says while pouring over travel brochures. Where to go next?
Exactly! Plus there’s some info on how different families are handling the ownership “situation”.
Some families enter into joint ownership; others agree to forgivable loans. Put everything in writing, especially when adult children are involved……… amortizing …payback over 25 years and clarifying a payout schedule if, or when, the unit changes hands.
Or, if no payback is expected, as in Ann Eynon’s case,
she made sure everybody understood her situation before she broke ground. Ann will have her laneway house appraised and then assign percentages of its value to each of her two children.
The Lady Who Lives Down the Lane 