When Parents Help Kids Buy a Home

Being a father to a 13 year old girl and a 9 year old boy, I know I can be overly protective. I always tell them I could stop a train for them. I think I could. Recently, I have had some very nice parents accompany their children to see homes, as their kids are about to buy their first home.  Here is some advice:

1. You can only give your child so much help. At some point, they need to make the decision, and it must be their choice. This gets real tricky when your child has a spouse. I know this part of my kids life may be a huge challenge for me too, as I want to help my kids get the best, and help them avoid the pain of a bad decision.

2. Teach them at an early age how to budget. We get all kinds of training and education in life, but other than “Don’t let that money burn a hole in your pocket”, my folks didn’t know how to teach me.  I’m glad my Mom doesn’t read this.  She did everything else perfectly, though!

3. Understand that your child probably has different taste, and needs than you. By now, I am sure you know this about you child.

4. Understand that times are different. Prices, styles, locations, mortgages, agents, contracts, and you name it are radically different than 15 years ago.

5. Understand the weaknesses of your child, and try to help them in that area. This is rather self explanatory, but if they are a bad negotiator, and you are helping them, just make sure that you’re not too “over protective”, and ruin their chances to get a special house. Typically, there’s another one maybe even better about to come to the market (I am honest!)  but special properties call for special offers.

Good luck, and make sure everyone’s still talking at Thanksgiving, so you can debate who is going to host!


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