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Chapter 4 – Planning Your Move
Are you seeing your commute times increase year over year or your kids growing up too fast? Why not buy yourself a pied-a-terre, a home for the work week that cuts down on your drive time? Or why not invest in a home for your kids while they are attending post-secondary school, giving you some piece of mind and a potential long-term investment property?
Believe it or not, you can purchase a “second home” with as little as 5% down for either option.
The key to this type of financing is simple:
To qualify you must purchase a single, detached unit home and sign an affidavit indicating occupancy by a direct family member with no rental income being collected. This is also a great option for purchasing a home for your elderly parents.
Of course you must qualify for carrying both properties along with any other debt obligations that you may have.
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