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Tammy and Ian Johnson were living the life in a cool downtown Vancouver apartment. But like many renters they craved more space. Meanwhile Tammys parents Roger and Rodlynn Cheetham were having a dilemma of their own. They were recently retired and considering renting out their basement says Tammy. They werent thrilled about having a stranger in their home but felt they needed the extra income. Their daughter had a better idea she and Ian could be tenants. After a year things were working out better than wed hoped says Tammy. Wanting to expand their home-based business and start their own family Tammy and Ian approached her parents with another proposal to co-purchase a larger home with separate units for each household. Being self-employed Ian and I would have never been able to afford the down payment required to buy our own home in the Vancouver area explains Tammy. After months of searching the foursome found the perfect house in Abbotsford British Columbia. Purchasing a home with my parents allowed us to own a beautiful home with more space than either family had previously says Tammy. Its also allowed all of us to pay off our other debt. Teaming up meant that they would split the total shared cost of 500000 430000 for the purchase price plus 70000 to put in the full basement suite and do other renovations. To avoid the hassle of monthly payments Tammys parents used funds from the sale of their home to cover the reno and the 180000 down payment. Meanwhile Tammy and Ian took out a mortgage for the remaining 250000 thanks to the larger down payment they can easily afford their monthly payments. Communication collaboration and respect for one anothers privacy are the keys to successful co-ownership says Tammy. If someone had told me that Id own a place with my parents in Abbotsford Id never have believed them. But here we are and its amazing CONDO LIST PRICE 319000 A one-bedroom one-bath corner unit this downtown condo features oor-to-ceiling windows. The 527-square-foot home has newer laminate and tile ooring. The building boasts an indoor pool and exercise centre. Includes parking and a locker. Rentals are allowed for buyers seeking an income property. Listing agent Century 21 In Town Realty Home may no longer be available but was for sale as of press time and is used to illustrate variety in the local real estate market. Images are representational only. MY HUSBAND AND I BOUGHT A HOUSE WITH MY PARENTS AND WE DONT DRIVE ONE ANOTHER NUTS WHAT 320000 BUYS IN VANCOUVER GENWORTH CANADA SPRINGSUMMER 2016 7