I received no help. Two of our children did buy houses, and while we gave them a generous house-warming gift, neither received help in the actual purchase.
Did you help your adult children buy their first house ?
- Thread starter Dave Hess
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I bought my daughter about $4000 worth of stock about 15 years ago. I had it in SPY but let her choose. She chose Apple. It turned into a nice down payment for a house. I gave her a cash gift, also, for closing.
If you have 10% saved up, you can buy a house and have the same monthly payment as renting an decent apartment in a decent area.
If you have 10% saved up, you can buy a house and have the same monthly payment as renting an decent apartment in a decent area.
It's very common. Gifts and Gifts of Equity (sale of home between family members). How else do married couples in their late 20's afford to buy a $1M home in California?
Gave my daughter and son-in-law 66k. My son is loaded. He’s not getting any.
My son just bought his first home , all on his own, a bit less than 1 year out of school. Did it all on his own, and he has that great feeling of doing it without mom and dads help.
Mom and Dad here have a great feeling being able to help their sons out.....it's a whole different real estate world "out west".
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I started making my own money at age 12. Paid my own way through college. Bought all my own cars early in life with cash. The rents never handed me a life on a silver platter. I always had to work and make my own life for myself. Good hard work builds character.
My parents helped quite a bit (lend me the whole amount on 1/2 of the market rate interest, and then I help them buy some investment property during the downturn by refinancing a Freddie Mac loan from a bank). I'm sure had they not help me early I would be buying my first home 5 years later and paid 400k more.
I will have enough to retire plus help my 2 kids with the same when they are ready to buy their first homes. I do believe in helping them to stay ahead in life, but that also means they need to be responsible with their own lives.
I will have enough to retire plus help my 2 kids with the same when they are ready to buy their first homes. I do believe in helping them to stay ahead in life, but that also means they need to be responsible with their own lives.
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That's the parent I'm hoping I'll be able to be ! I don't mind helping as long as they are willing to do it themselves if I wasn't able to !
I don’t have kids, but I did receive some help.
My grandmother gave me early inheritance of 10k, my parents pitched in another 15k. I saved about 30k of my own which helped me buy my first apartment for 166k in 2006.
Three years later I was married and wife and I bought a house for 520k at the time. Did not receive any help this time, we put 20% down.
House was paid off two years ago thanks in large part to an inheritance (roughly 130k) after my mother passed away, of which about 95% of the total was put directly against the mortgage, which knocked probably 8-10 years off it. My wife and I also put a good amount against it on our own. Now that it’s paid we invest heavily into retirement investments.
My grandmother gave me early inheritance of 10k, my parents pitched in another 15k. I saved about 30k of my own which helped me buy my first apartment for 166k in 2006.
Three years later I was married and wife and I bought a house for 520k at the time. Did not receive any help this time, we put 20% down.
House was paid off two years ago thanks in large part to an inheritance (roughly 130k) after my mother passed away, of which about 95% of the total was put directly against the mortgage, which knocked probably 8-10 years off it. My wife and I also put a good amount against it on our own. Now that it’s paid we invest heavily into retirement investments.
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#1 Son - yes, helped. He is paying back responsibly.
#2 Son - no to house. Lives with his mom. Partially paid for his new truck a few years back.
#1 Daughter - covering expenses while she gets 3rd degree. This time a practical one.
That being said, now that dad is retired, taps (except for college) are closed.
#2 Son - no to house. Lives with his mom. Partially paid for his new truck a few years back.
#1 Daughter - covering expenses while she gets 3rd degree. This time a practical one.
That being said, now that dad is retired, taps (except for college) are closed.
Wow. I am seriously shocked at the replies here.
People are screaming about how high the costs are for housing, college, food, cars, etc., but no one realizes that there's a huge number of people buying these things that haven't had to fully pay for them.
What do you expect? No matter how you feel about giving your kids " a helping hand", this is contributing the exorbitant costs of everything today. If 40% of the people don't really have the money to secure a product, service or whatever, with their income/savings/etc., but manage to get it somehow, what does that do the supply/demand? It drives both UP, along with the price.
People are screaming about how high the costs are for housing, college, food, cars, etc., but no one realizes that there's a huge number of people buying these things that haven't had to fully pay for them.
What do you expect? No matter how you feel about giving your kids " a helping hand", this is contributing the exorbitant costs of everything today. If 40% of the people don't really have the money to secure a product, service or whatever, with their income/savings/etc., but manage to get it somehow, what does that do the supply/demand? It drives both UP, along with the price.
No.
I received no financial assistance on my home's purchase or a "graduation" car. I didn't make a lot of money but still managed to buy a home and pay it off early. There's no incentive for younger people to save up for something and feeling a sense of accomplishment when parents are giving financial assistance and cars to their kids.
If people learned to do without expensive phones/plans, television , tattoos, staying out of debt, you would be amazed how much is left at the end of the month to save for a home's purchase.
If people learned to do without expensive phones/plans, television , tattoos, staying out of debt, you would be amazed how much is left at the end of the month to save for a home's purchase.
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Yes to each of my 3 kids. A long time ago but I think it was ~ $20K in todays money
That's income inequality. Not everyone wants to spend their money on cars or vacations, and many people decided that retirement fund in a 401K account is not as valuable as helping their next generation out.
I think a mentality difference between US and many other cultures (i.e. even European like Italian) is that, in US even radio talk show host would say you should put money in your retirement fund instead of helping your kids buy their first homes or pay for their colleges, vs in many other cultures helping them out is the right thing to do because they are families. The kids also help out their parents when they are old. My wife send her parents $500 a month as a support prior to us buying them a small condo to live in, and I was paying my parents $500 a month when I was living at home back then when I was only making $50k a year.
Blaming parents helping kids for the rising housing cost because they haven't fully paid for them? Seriously?
I can’t tell if you’re trolling or serious. So many of your posts bash American culture, like this one, yet you still choose to live here. Fascinating, since it’s such a horrible place.
Your oversimplification presents a false set of alternatives, slams Americans as selfish, brings in talk radio, and is both intended and guaranteed to elicit strong response.
Trolling. Lock time.
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