Do You Think That Parents Should Help When Thier Children Buy Thier First Home?
By Nykkee
@Nykkee (2522)
Canada
July 6, 2007 7:39pm CST
So what do you think? Should parents offer financial support, if they can afford to, to thier adult children when they go to buy thier first home? We are currently in the process of purchseing out first home. When we first started looking at houses and looking into getting a mortage, both our realtor and our mortage broker told us the nest step was to go around and see what our parents and other family member wanted to give us to help us get started. They seemed to think that this was a very common and normal thing to do. When we finally found the right house and got approved for our mortage we went and asked both ofour parents if they would be willing to help. My parents were willing to contribute all of our closeing costs and were very happy to hear that we had found a home that was a reasonable price and a rel house, not a trailer. When we went to his parents however, it was very different, they were very negative, and were not interested in helping us at all, his father just wasn;t interested in helping at all and his mother sighed and said "(Mt husband's name) I don't know what you expect." Now if they could not afford it I would totally understand but they have alot more money then my parents do, and my parents were both quick to help and willing to compensate for the lack of help we were receiveing from them by helping that much more. So what is typical here? Is it no normal for parents with money to help thier kids buy a home? Tell me what you think? Are his parents stingy? Or are mine just exceptionally generous?
1 person likes this
2 responses
@jillhill (37353)
• United States
7 Jul 07
As a parent I would do anything to help if I could. My son and his wife bought a house a year ago and needed a co-signer. I did co-sign. Her parents wouldn't even consider helping either. So I guess it's just a matter of opinion. Her parents are much more financially secure then me as I am not married, but they don't help with anything else either! I can't imagine not helping my children.
@Nykkee (2522)
• Canada
7 Jul 07
You sound like a very giving and generous person and your son is very lucky to have you. Hearing from people like you, who are willing to help even when they don't have alot, males me think even less of my husband's parents for thier attitude. They don't even try to be morally supportive.
@lilaclady (28206)
• Australia
7 Jul 07
I know I couldn't have done what I have done without my parents help, they didn't have a lot of money but they helped as much as they could, I paid my first home when I was a young single woman, in the days when banks would not lend money to women for buying a house, but I found a financial institution that did and I was so luck, I worked hard and my parents helped me a lot as I was using almost every cent to pay the loan off in the end they lent me a decent amount to pay it off before a particular time so I could save so much interest, I couldn't have done it withour their support..
