When a parent decides to leave their longtime home and move into assisted living, a retirement residence, a condominium, a life lease, or another type of supportive housing, the entire family can face a major transition. There may be decades of belongings to sort through, moving arrangements to make, financial decisions to consider, and one important question: What should we do with the family home? For many Winnipeg families, selling the property becomes an important part of the transition. But selling a parent's home can be different from a typical real estate transaction, particularly when the home has been owned for decades, needs updating, or several family members are involved. You do not need to have everything figured out before speaking with a REALTOR®. This guide covers the important things to consider when selling your parents' home in Winnipeg and how to make the process more organized and manageable. First: Who Has the Authority to Sell the Home? ...
Buying a home is a big financial commitment. Between the mortgage, property taxes, insurance, utilities and maintenance, the monthly cost can feel overwhelming - especially for a first-time buyer . But there is another option worth considering: buying a duplex or a home with an approved secondary suite, living in one part of the property and renting the other. The rental income can help offset your monthly housing expenses while you own the property and build equity through mortgage principal repayment. You don't need to already be a real estate investor to consider this strategy. For some buyers, their first investment property can also be their first home. How Does It Work? The idea is simple. You purchase a property with two separate living areas. You live in one and rent the other. For example, you might purchase a new duplex where you live in the main portion and rent an approved secondary suite. Another option could be a resale property with two approved dwe...