Parenting and Supporting Your Kids Through Their First Home Purchase

realtor showing the couple a house

The transition we make into adulthood is often met with celebration. Regardless of the culture, our ageing up is cause for parties. But not all rights of passages need the involvement of festivities. No long list of guests, joyful tunes, or plenty of food. Sometimes, the development is commonplace, for example, the process of moving out.

As parents, you get to witness your adolescent children experience this rite of passage. You help them pack all their belongings for university. Their first dorm room is then followed by more rooms or apartments, mostly shared spaces with friends. After years of this, there will come a time when they will wish for change. This typically occurs when they have established themselves enough to venture out on their own.

The case for buying a house

For parents, it is satisfying to see your kids succeed. In their lifetime, they will achieve countless milestones as you have. Among the many is their first property purchase.

It is likely that they will come to you for advice. After all, there are so many to choose from nowadays, and you have done your fair share of purchases already. So, they will ask, are apartments better than the house and land packages available in West Melbourne?

While both have their fair share of advantages, a house remains the better choice for many parents. Others may argue that it is the apartment since it is more affordable and requires less maintenance. But the many benefits that an independent house presents trump these.

First is the space that your children will be paying for. The square footage of a house is a given. The land it sits on is an added bonus. Your kids can use this land for many things, like recreation and hosting. In the future, it will be useful as well if they look into expansion.

After the land comes privacy. Detached homes offer more privacy than apartments. In the apartment setting, you will be sharing walls, floors, and ceilings with your neighbours. With a house, there is ample opportunity to keep nosy neighbours out.
couple with their child and new house

Lending a hand

A house is a commitment that needs plenty of funding involved, though. Your children may feel ready to take on this monumental commitment, but that does not stop you from wanting to help. And you can if they allow you to.

The most popular way of helping out is by providing the money that they need to cover the upfront costs, like the down payment. This is the most helpful to those who are capable of paying monthly fees, but feel overwhelmed with initial payments.

If your kids do not want to receive any handouts, though, you can instead loan them money with a much lower interest than the mortgage. This allows them their independence while also giving you the opportunity to lighten their load.

Before attempting to help them, it is important to first have a conversation with your children. This is the perfect opportunity to get permission to help out. It also allows all parties to iron out any creases in the agreement, preventing trouble from occurring in the future.