Tips for Homebuying with Family Members

Stephanie Barritt • April 16, 2019

Pooling resources with parents or siblings opens possibilities when it comes to buying a home everyone can afford. Homebuying requires careful planning though, since there’s so much at stake—and money is the least of it; we’re talking love and loyalty here.

If you want to buy a home with family members (and still be on speaking terms during family functions) this is what you need to consider.

Answer this: Why are you moving in together?

Perhaps mom and dad need to downsize and want to be closer to their children. Maybe one of those children needs after-school care for the kids, or someone has gone through a divorce and needs family support…

Besides saving money, families considering buying a home together often have non-financial issues that make it a good choice. Agree on how you’ll all help each other—cooking communal meals; driving parents to medical appointments or kids to school; etc.

Now you need to separate those personal arrangements from the legal aspects of buying a home together. This isn’t Thanksgiving dinner, it’s business.

Hire a lawyer.

All homebuyers should use a lawyer, and that’s especially true for families buying together. Be prepared to spend more on legal services too. Why? There’s more to cover.

The following commitments and promises should be considered when preparing binding legal documents.

Disclose your financial standing.

All potential co-owners should share their credit report (it’s free here) with the group. You may want wine for this meeting.

If you’re applying for a mortgage together (the Family Plan Programis designed to help with this) you need to know where each person stands to determine how that could impact all family members.

Be prepared to tell your clan how much you have for a downpayment and how much you can pay monthly. Add up everyone’s contribution and use our calculator here to figure out how much family home you can afford.

Imagine the future.

A home should be a long-term commitment, but life happens: job loss or out-of-town promotion, a baby, illness—those are just a few things that impact your life. Discuss what impact they could have on your housing arrangement.

For example, under what circumstances could the property be sold? For instance: What happens if not all co-owners want to sell at the same time?

Consider setting a minimum amount of time that everyone will commit. (Your mortgage term is a good place to start.) Then plan for what could happen after that.

For example, you may want to do some research around what financial options are available to you when one owner wishes to leave – such as buying out that owner’s share. Or, the empty unit could be rented to generate income that would pay back, over time, the owner who wanted to sell.

The solutions will be as unique as your family. Talk it all through first.

Consider upkeep and upgrades.

Decide how to cover emergency expenses, like a roof or HVAC repair, and less urgent improvements, such as exterior painting.

An easy approach is to open a high interest-rate savings account and have everyone contribute to it monthly.

Here’s where things get tricky: Let’s say you want to upgrade bathroom and kitchen fixtures. That will make your personal space extra nice, but it could also improve the building’s energy efficiency and resale value. Will all family members contribute financially to your upgrades?

These may seem like details for later, but small grievances can snowball into big resentments. Tackle them before signing day. And remember, for any transaction of this nature, it is crucial to consult with a mortgage professional before proceeding.

Contact me anytime, I would love to point you in the right direction.


This article was written by Genworth Canada and first appeared on their website here.

STEPHANIE BARRITT
MORTGAGE EXPERT

CONTACT ME
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By Stephanie Barritt • August 28, 2025
As patios wind down and pumpkin spice ramps up, fall is the perfect reset for your home—and your homeowner game plan. These quick wins boost comfort, curb appeal, and efficiency now, and set you up for a low-stress winter (and a strong spring market). 1) Safety & “silent leak” checks (Weekend-ready) Clean gutters & downspouts. Add leaf guards where trees overhang. Roof scan. Look for lifted shingles, cracked flashings, or moss. Seal the shell. Re-caulk window/door trim; replace weatherstripping. Test alarms. New batteries for smoke/CO detectors; add one near bedrooms. Why it matters: Prevent water intrusion and heat loss before storms roll in. 2) Heat smarter, not harder Furnace/boiler tune-up and filter change. Smart thermostat with schedules and geofencing. Draft hunt. Foam gaskets behind outlets, door sweeps on exterior doors. ROI tip: Efficiency upgrades lower monthly bills and can improve lender ratios if you’re eyeing a refinance later. 3) Fall-proof your yard (so spring you says “thanks”) Aerate + overseed + fall fertilize for thicker turf next year. Trim trees/shrubs away from siding and power lines. Mulch perennials and plant spring bulbs now. Shut off/bleed exterior taps and store hoses to avoid burst pipes. 4) Extend outdoor season (cozy edition) Portable fire pit or propane heater + layered blankets. Path/step lighting for darker evenings (solar or low-voltage). Weather-resistant storage for cushions/tools to preserve value. Neighborhood curb appeal: Warm lighting and tidy beds make a big first impression if you list in shoulder season. 5) Water management = winter peace of mind Re-grade low spots and add downspout extensions (2–3+ metres). Check sump pump (and backup). Look for efflorescence or damp corners in the basement. 6) Mini-renos that punch above their weight Entry/mudroom upgrade: hooks, bench, boot trays, closed storage. Laundry room tune-up: counter over machines, sorting bins, task lighting. Kitchen refresh: new hardware, tap, and under-cabinet lighting in one afternoon. Budget guide: Many of these land under a micro-reno budget—perfect for a modest line of credit. 7) Indoor air quality tune-up Deep clean vents and dryers (including the rigid duct). Add door mats (exterior + interior) to catch grit/salt. Houseplants or HEPA purifier for closed-window months. Fast Timeline (pin this to the fridge) Late August–September Gutters/downspouts, roof/caulking, HVAC service, lawn care, plant bulbs, exterior tap shut-off plan, path lighting. October Weatherstripping/sweeps, fire pit setup, organize mudroom/garage, test alarms, sump check, downspout extensions, dryer vent cleaning. Financing smarter: make your mortgage work for your home Annual mortgage check-in. As rates, income, and goals evolve, a quick review can free up cash flow or open options for a small fall project budget. HELOC vs. top-up refinance. For bite-size projects, a HELOC can be flexible. For bigger renos you plan to pay down, a top-up refi might make more sense. Bundle & prioritize. Knock out the high-impact, low-cost items first (air sealing, safety, water management) before the cosmetic upgrades. Not sure which route fits your fall plans? We’ll run the numbers and map the best financing path for your specific budget and goals. Quick Checklist (copy/paste) ☐ Clean gutters/downspouts; add guards ☐ Roof & flashing visual check ☐ Re-caulk, weatherstrip, add door sweeps ☐ HVAC service + new filter ☐ Aerate/overseed/fertilize; trim trees; plant bulbs ☐ Path & entry lighting ☐ Drain/bleed outdoor taps; store hoses ☐ Downspout extensions; sump test ☐ Dryer vent cleaning ☐ Mudroom/garage organization ☐ Schedule mortgage review / discuss HELOC vs refi Ready to make fall your low-stress season? Book a quick fall mortgage check-up—15 minutes to see if a small credit line or a tweak to your current mortgage could cover your priority projects without straining cash flow.

New To Mortgage Financing? Get Pre-Approved

By Stephanie Barritt • August 27, 2025
If you’re thinking about buying a property, but you’re not sure where to start, you’ve come to the right place! Let’s discuss how getting pre-approved is one of the first steps in your home buying journey. Just like you wouldn’t go into a restaurant without knowing if you have enough money to buy your meal, it’s not a good idea to be shopping for a home without an understanding of how much you can afford. You can browse MLS from your couch all you want beforehand, but when you’re ready to start looking at properties with a real estate agent, you need a pre-approval. Now, as there may be some confusion around exactly what a pre-approval does and doesn’t do, let’s discuss it in detail. First of all, a pre-approval is not magic, and it’s not binding. A pre-approval is not a contract that will guarantee mortgage financing despite changes to your financial situation. Instead, a pre-approval is simply the first look at your overall financial health that will point you in the right direction before you’re ready to apply for a mortgage. Said in another way, a pre-approval is a map that gives you the plan to secure an actual approval. After going through the pre-approval process, you’ll know how to qualify for a mortgage and at what amount. When considering your mortgage application, lenders look at your income, credit history, assets vs liabilities, and the property itself. Working through a pre-approval will cover all these areas and will uncover any major obstacles that might be in your way of securing financing. The best time to secure a pre-approval is as soon as possible; it’s never a bad idea to have a plan. Here are a few of the obstacles that a pre-approval can uncover: You’ve recently changed jobs, and you’re still on probation Your income relies heavily on extra shifts or commissions You’re unaware of factual mistakes or collections on your credit report You don’t have an established credit profile You don’t have enough money saved for a downpayment Additional debt is lowering the amount you qualify for Really anything you don't know that you don't know Even if you believe you have all your ducks in a row, working through the pre-approval process with an independent mortgage professional will ensure you have the best chance of securing a final approval. As a point of clarity, a pre-approval is not the same as a pre-qualification. This is not typing a few things into a website, calculating some numbers, and thinking you’re all set. A pre-approval includes providing your financial information, looking at your credit report, discussing a plan for securing mortgage financing with a mortgage professional, and even submitting documents ahead of time. Mortgage financing can be a daunting process; it doesn’t have to be. Having a plan in place and doing as much as you can beforehand is essential to ensuring a smooth home buying experience. As there is no cost for getting a mortgage pre-approval, there is absolutely no risk. Consider starting the process right now! If you’d like to walk through your financial situation and get pre-approved for a mortgage, let’s talk. It would be a pleasure to work with you!