As a parent to adult children, you probably want to see your children become settled, successful and happy. One part of this, for many people, is to own a home. However, for various reasons, it is becoming more and more difficult for younger adults to buy their own houses. If you are wondering if there are any ways that you can help your adult children with this, however, you should know that you do have options. These are a few ways that you can help you adult children achieve the dream of owning their own homes.
First of all, the realtor that your child works with will make a huge difference with the entire process. As an older adult, there is a good chance that you might have friends and connections who can assist you in finding a good real estate agent at an agency like Brace Homes. This can help you ensure that your adult child is working with someone who will have his or her best interests at heart and who will truly help with the process.
For some young adults, making a monthly mortgage payment will not be a big deal, since they might already pay out a lot of money each month in rent anyway. However, coming up with a down payment for a home can be challenging, especially for those who have student loans, kids or other responsibilities. If you are financially able to do so, helping your child out with a down payment can be a wonderful way to make home ownership more of a reality.
One option that you might want to look into is co-signing with your adult child to help him or her to get approved for a mortgage. This can be a big risk for you to take, however, since it can seriously affect your debt-to-income ratio, and you could be left responsible if your adult child is unable to make the payments on time each month.
Even if you aren't able to help financially, simply providing your adult child with advice can be a good way to assist in this process. Buying a home can be overwhelming for a young adult who has never done so before, so being able to get good advice can make a difference.
As you can see, if you are a parent who wants to help your adult children to achieve the ultimate goal of home ownership, there are a few ways that you can do so. Trying one or several of these tips can be a good way to assist with this important milestone.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking, and gardening. For more information contact Brooke via Twitter @BrookeChaplan.