Practical advice for families planning a major purchase together

When families decide to pool resources for a big purchase—be it a vacation home, a boat, or simply a joint investment—it can feel like a win-win: shared cost, shared benefit. But unless you also have a clear plan for who pays for what, when, and what happens next, the deal can sow discord down the road.
Here’s a practical guide to help families have a frank, organised conversation before you commit.

Why this conversation matters

• Avoid surprises. It’s amazing how quickly things like utilities, groceries, maintenance, and “who uses what” creep into the mix—and without clarity they lead to frustration.

• Maintain relationships. Money issues are one of the most common sources of tension among family members. A simple, documented agreement can keep things friendly.

• Plan for the future. What if one party wants out? What if usage changes? What if contributions shift? Addressing the “what ifs” early prevents regret later.

Key Topics to Include in Your Shared-Purchase Contract

Here are the building blocks of a transparent agreement:

1. Purchase Cost & Ownership Share

• Who is putting in how much of the initial purchase cost?

• What does that translate to in terms of ownership share (e.g., 50/50, 60/40, etc.)?

• What happens if one party cannot contribute their share on time?

2. Ongoing Costs

A major purchase comes with recurring expenses. Talk through:

• Mortgage or loan payments (if applicable)

• Property tax, insurance, maintenance, repairs

• Utilities (electricity, water, heating, internet)

• Groceries or shared supplies (if the purchase involves shared space)

• Usage-based costs (fuel, parking, cleaning, landscaping, etc.)

Decide how each cost will be split: equal shares? Pro-rated according to ownership share? Based on use?

3. Usage, Access & Responsibilities

• Who has access to the asset when, and how is priority handled?

• Are there “booking” rules (for example, if it’s a shared vacation property)?

• What standards apply for maintenance and cleaning? Who is responsible for what duties?

• If one party doesn’t use their share or misses payments—what then?

4. Exit Strategy / Future Buy-Out

Life changes: job relocation, financial stress, changing priorities. It’s wise to plan for the unexpected:

• What happens if one party wants to sell or buy out the other?

• How is the buy-out price determined (market value, formula, appraisal)?

• How and when the transaction should happen?

• Who gets first option if one partner wants to exit?

• What about what happens to the asset if both decide to sell?

5. Decision-Making & Dispute Resolution

• How will decisions be made (repairs, major upgrades, sale?) — by majority vote? unanimous?

• If there is a dispute—what’s the process (mediation, neutral advisor)?

• How often will you review the arrangement (annually, every 6 months)?

• Will there be a written document signed by all parties? (Yes — strongly recommended.)

How to Have the Conversation

• Schedule it ahead of time. Don’t spring it during a casual chat. Set aside time so everyone is present, focused.

• Be open and honest about personal finances. Knowing what each person can realistically contribute helps avoid later strain.

• Use a neutral facilitator if needed. If family relationships are close but finances are awkward, an external advisor or mediator can help.

• Document the decisions. Write the agreement down—ideally with signatures. It doesn’t need to be a full legal contract (though you can go that route); clarity is the key.

• Review and adapt. Revisit the contract periodically to adjust for change (income, usage, number of people involved).

Why it’s Worth It

• Stays friendly: When payments and responsibilities are clear, resentment is less likely.

• Protects everyone: A well-structured agreement safeguards each person’s investment and expectations.

• Gives peace of mind: You’re not just buying something—you’re entering a relationship of shared ownership. Treat it with the respect it deserves.

Final Thoughts

Sharing a major purchase with family can unlock incredible value—financially and relationally. But the mistake many make is buying first, talking later. The smarter approach is the reverse: talk first, buy second.

Take the time to map out:

• Who pays what,

• Who uses what and when,

• Who does what responsibilities,

• And what happens if things change.

By doing so, you’ll keep your finances clear and your relationships strong. Because at the end of the day, the goal isn’t just ownership—it’s shared enjoyment, mutual respect, and long-term harmony.

Introduction

Selling the home you’ve cherished for decades is about much more than a transaction — it’s an emotional milestone, marking the close of one chapter and the beginning of another.

For many seniors in Burnaby, downsizing isn’t just a practical decision — it’s an opportunity to simplify life, reduce responsibilities, and move into a home that better fits their needs for the future.

At Victoria Fung Real Estate, I understand that this process can feel overwhelming — emotionally, financially, and logistically. My goal is to help make your transition as smooth, respectful, and rewarding as possible. This guide will walk you through every step, from deciding when to downsize to settling into your new home with confidence and peace of mind.

1. Deciding If and When to Downsize

Signs It Might Be Time to Move

• Maintenance feels overwhelming: Yard work, repairs, or climbing stairs may have become more tiring.

• You have too much space: Empty rooms and unused areas can start to feel like unnecessary upkeep.

• Convenience matters more: Living closer to shops, transit, healthcare, and community amenities can make daily life easier.

• You want financial flexibility: Selling can free up home equity to support retirement goals, travel, or peace of mind.

• Mobility and safety are priorities: A single-level home or condo can help minimize physical strain and hazards.

The best time to start planning a move is before it becomes urgent — proactive downsizing allows you to make thoughtful decisions on your terms.

Emotional and Family Considerations

Leaving a family home filled with memories can bring mixed emotions — pride, nostalgia, and sadness. It’s perfectly natural to feel hesitant. Involve loved ones early, share your goals, and give yourself time to reflect. Many clients find it comforting to take photos of meaningful spaces or hold a “farewell gathering” to celebrate memories before moving forward.

2. Exploring Your Options in Burnaby

Burnaby offers a range of excellent downsizing options:

• Condo or strata apartment: Enjoy low-maintenance living with amenities and a smaller footprint.

• Townhome or bungalow: Maintain independence with fewer stairs and easier upkeep.

• Senior-friendly buildings: Many newer developments in Burnaby include accessibility features, security, and social programs.

• Independent or assisted living communities: Perfect for those who appreciate added services or community activities.

• Life-lease or co-housing models: Blend ownership benefits with built-in community and shared resources.

When exploring options, consider:

• Proximity to transit, shopping, and medical care — especially near SkyTrain routes or town centres like Metrotown or Edmonds.

• Monthly fees and budgets — strata or community fees replace many maintenance costs but need to be factored in.

• Accessibility and safety — look for level entries, grab bars, wide hallways, and no-step showers.

• Future adaptability — can you access care or services if your needs evolve?

3. Financial and Tax Considerations

The Financial Upside of Downsizing

• Unlock equity: Selling your home often frees up funds for your next chapter — whether it’s travel, savings, or future care.

• Lower ongoing expenses: Smaller homes usually mean lower property taxes, utilities, and maintenance.

• Simplified living costs: Condo fees may seem high but often include maintenance, landscaping, and amenities.

Costs to Keep in Mind

• Realtor and legal fees

• Moving expenses and potential renovations

• Land transfer taxes (if buying another property)

• New furniture or accessibility upgrades

The good news? The sale of your principal residence is typically exempt from capital gains tax in Canada, making downsizing financially beneficial for many homeowners.

Get Professional Support

• Realtor: Working with a local agent experienced in senior transitions (like myself!) ensures you have a patient guide who understands both your needs and the Burnaby market.

• Financial advisor: They can help you plan budgets, manage proceeds, and align your move with your long-term goals.

4. Preparing Your Home for Sale

Decluttering and Sorting

Downsizing means making thoughtful choices about what to keep and what to let go of. Try sorting items into:

• Keep — sentimental or useful

• Donate or gift — furniture or décor others can enjoy

• Sell — antiques or collectibles

• Recycle or discard — anything broken or worn out

Tackle one space at a time, and don’t hesitate to ask family or professionals for help.

Repairs, Refreshing, and Staging

• Fix small issues like chipped paint or squeaky doors.

• Brighten curb appeal with clean walkways and tidy gardens.

• Depersonalize rooms so buyers can picture themselves in the space.

• Professionally stage and photograph your home to highlight its best features — this can significantly boost buyer interest.

5. Planning and Managing the Move

Creating a Moving Timeline

Work backward from your moving date:

• 3 months out: Choose your new home and get moving quotes.

• 1 month out: Start packing non-essentials and organize services.

• 2 weeks out: Notify utilities, update your address, and arrange medical transfers.

Moving Day Tips

• Hire movers who specialize in senior relocations.

• Clearly label boxes by room.

• Keep essentials — medications, important papers, and daily items — accessible.

• Plan for pets and have someone you trust available to help manage the day.

Settling Into Your New Home

Unpack and arrange essentials first to make the space feel familiar. Bring in personal touches gradually — photos, favourite books, or artwork — to make it feel like home. Take time to explore your new neighbourhood and meet your neighbours; connection makes transition easier.

6. Tips for a Smooth Downsizing Experience

• Start early — even small steps add up.

• Don’t rush — give yourself emotional space to adjust.

• Ask for help — family, friends, or professionals.

• Measure before moving — ensure furniture fits comfortably.

• Prioritize safety — clear walkways, good lighting, and non-slip flooring.

• Focus on what brings joy — let go of what no longer serves you.

7. Why Work with Victoria Fung

Helping seniors downsize is something I approach with both expertise and empathy. My goal is to make the process as simple and comfortable as possible — from our first conversation to the moment you’re settled in your new home.

Here’s what you can expect when working with me:

• Compassionate support: I take the time to listen, guide, and adapt the process to your pace and comfort.

• Strategic marketing: I ensure your home is beautifully presented and reaches qualified buyers.

• Full coordination: I help connect you with trusted movers, lawyers, and other professionals.

• Respectful communication: Every step is explained clearly, with your best interests in mind.

• Continued care: My relationship with clients doesn’t end after the sale — I’m always here as a resource and support.

Conclusion

Downsizing a family home in Burnaby can be emotional, but it can also be liberating — a step toward a simpler, more fulfilling lifestyle. With the right planning and compassionate guidance, it becomes less about what you’re leaving behind and more about the exciting possibilities ahead.

If you’re thinking about downsizing or simply exploring your options, I’d love to help you create a plan that honours your story and supports your future.

📞 Let’s connect today to start the conversation — visit victoriafung.ca or reach out directly to discuss your next move with care and confidence.