With a housing shortage and record rent prices, advisors must think of alternatives to keep some clients afloat
Julia Chung’s pro-bono client has a sweet deal as a longtime renter. The client, in his mid-60s, works as a caregiver for a small apartment building and in exchange for his handyman services, he paid below-market rent for a one-bedroom unit.
“People have to start making different decisions and look for creative solutions,” says Ms. Chung, chief executive officer, partner and senior financial planner at Spring Planning Inc. in Vancouver. For example, a grandparent can help to look after grandchildren if they reside under the same roof as the parents. Ms. Chung also recommends what she calls “The Golden Girls Dream,” based on the 1980s TV show in which four older women shared a house.
“Let’s not blow up a family, but let’s get really specific,” she says. “What does it look like if somebody wants to move out? What is your fair share financially? Who does the work around the house?”
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