A survey conducted by Coldwell Banker Real Estate, shows that more than 75% of parents own a home within 30 minutes from family (as published on the National Post). This goes to show that there is quite a strong bond between parents and their children.
I think this is a great practice. One of the greatest joys in the world to a grandparent is being a part of the life of their grandchildren. If more parents live closer to their children, then that means they will be able to visit the grandchildren more often. Grandparents share special bonds with their grandchildren that are quite different then the bond they possess with their own children. It is a grandparent’s pleasure to take their grandchildren out and spoil them from time to time. They can also be another source of valuable information if the grandchild has a question but doesn’t want to ask their parents.
When parents purchase a home near their children, chances are they will want to fix it up. The parents will have become accustomed to certain amenities in their own home, and may even require certain additions. As a result, a construction loan may be a necessity. Even if the remodelling was in the budget, sometimes as we get older we require further aids built into the house. Some of these may include, widening the hallways, walk-in bathtubs, and stairwell elevators. It is important to keep in mind that construction loans are available and should be considered if you are remodelling your home.
