It’s time to get creative in solving the housing affordability problem

When I was young, I remember I had trouble paying my electricity bill. Those were pretty dark times . Young people these days face an even bigger challenge in affording a place to live. Today, I want to share an idea that could make sense as many contemplate how the next generation will be able to afford a home. It could start with a new tax credit that came into effect this year and an ability and willingness to build on your existing property.

Constructing a carriage house like this could solve a couple of issues: it could provide a child or grandchild with a home to live in at a time when real estate affordability is out of reach for many folks, and parents or grandparents might benefit from having family close by to help look after them as they age, or to help family members with a disability.

The grandchildren occupying the carriage house will pay some rent to the grandparents to help cover certain costs of maintaining the property, including utilities, maintenance and property taxes. The grandparents may also give their grandson a right of first refusal to buy the entire property if the time comes to sell it. They’ll want to speak with a real estate lawyer about this idea to understand the pros and cons, and how it should be documented.

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