How much did your parents help you towards your first home of your own?

[Kanga and Roo]

Nothing. We both worked and went without trivial stuff to get the deposit, we bought our first house when I was 23 and Mr J was 25, we could have stayed in married quarters a bit longer, but, decided it was the right time and we're glad we did because three years after we bought it house prices rocketed. After we shuffle off this mortal coil Cats Protection League and Guide Dogs for The Blind will get nice bequests.

 

[luvnwdwgal]

My husband already had a house when I met him. Major fixer upper. It was in horrible condition. His parents didn’t help him buy it. It sold for just 10 grand. His dad did help us with renovations and his parents always loaned us money when we needed it, interest free. My dad built our kitchen cabinets but other than that that’s all my parents did.

 

[DLgal]

I am curious. Do Americans not normally help their children to purchase their first homes? I think it is quite common in the U.K./Europe for parents to help children get on the property ladder, if the funds are available obviously.

It seems to be pretty common, although I have never personally known anyone whose parents outright gave them money for a house.

 

[pigletto]

I am curious. Do Americans not normally help their children to purchase their first homes? I think it is quite common in the U.K./Europe for parents to help children get on the property ladder, if the funds are available obviously.

It hasn’t been as necessary to help past generations in Canada and the USA because housing was generally considered affordable ( with metropolitan markets being the exception). Now that our housing is completely out of touch with average incomes we will see this type of help more often. We will also see much more multi generational living in the years to come.

 

[MamaBelle4]

None.

However when the mortgage company told us we would need $5k more than what we had originally needed to close a literal week before we closed, my MIL lent us the money. We paid her back within the year.

 

[RF536]

My grandpa loaned us the $2k we needed to make the down-payment.
We won't have money to give our kids. We are encouraging them to live at home (rent free) and save money.

 

[RangerPooh]

Zero. Neither set of parents were in a position to help us.

 

[Mrs. Ciz]

DH and I used a small inheritance from my great grandmother, wedding gift money and our own savings for a down payment on our first house. For our second house 6 years later, we used the proceeds from the first house and what we could aggressively save. We moved from the first house to a cheap apartment for several months until our house was built, which helped with saving. When my dad saw the new house plans, he insisted we get the optional 2 dormer windows in the bonus room over the garage. He bought them for us! He said he wanted to do it because I’d pretty much paid for my own wedding (my parents had 3 other kids in college at the time), but later they had paid for most of my younger sister’s wedding. He wanted to even things out. We really appreciated the generous gift!

 

[Moliphino]

I am curious. Do Americans not normally help their children to purchase their first homes? I think it is quite common in the U.K./Europe for parents to help children get on the property ladder, if the funds are available obviously.

My dad did offer us money to help, but we didn't need it. My other sister did get some money from our parents both times she and her husband bought homes, I don't know how much.

 

[HopperFan]

ZERO

And we didn't help DD buy her first home.

And we didn't co-sign any car loans.

 

[disykat]

Zero. Well, except for the HUGE help of helping me get through college and setting me up for success as an adult with good parenting throughout my life!

 

[slo]

We didn’t ask for help and they didn’t offer - I wouldn’t have it any other way

 

[luv2cheer92]

None directly, but I did live with them rent-free for a few years after finishing school to save up money.

 

[HopperFan]

I am curious. Do Americans not normally help their children to purchase their first homes? I think it is quite common in the U.K./Europe for parents to help children get on the property ladder, if the funds are available obviously.

I don't think it is common in terms of a straight up here is a check for your down payment. If they do it is not likely anywhere near what you gave unless they are extremely wealthy. Many wealthy children are taken care of by parents.

But for the average family I think it's looked at that if you can't afford to buy something, you'll likely not afford the taxes, insurance, maintenance or utilities on it. Save up a down payment for what you can afford going forward.

Not sure what you all have to pay to attend college/university but nothing is provided here. We made sure both graduated college with their Bachelors debt free. Both went to graduate school and got their masters, we helped but they were largely responsible. Many put the priority on taking care of their kids schooling.

Offered DD a down payment on a house in lieu of a wedding. She was onboard but Dad & Groom wanted a wedding. So they were on their own and they managed to buy before real estate went nuts here.

DS is renting our basement apt greatly discounted while he saves money to have for a down payment if real estate ever becomes reasonable. At least he'll be ready. (I am saving all his rent so he can add that to it).

I know two situations in all the people I know -

My "step brother" is very wealthy, he inherited a lot, he is a top lawyer who has made a lot (has four very expensive homes). He paid for his son's $250,000 wedding AND bought them their first home. Not the average family.

An in-law worked for company that sold and made him mega amount of money. They live simple lives. They purchased each grandchild their first car and as each purchased their first home gave them the down payment.

 

[unrequited23]

We bought our first place before our wedding. My in-laws gave us our wedding present several months early, a dryer & refrigerator--the only appliances that our new home was missing.

 

[georgina]

My parents, zero. They didn't help with college, there was no way they would help with a house!

We bought DH's parents' home when we got married, they wanted to sell and move to Florida. They gave us a slight discount from what a real estate agent told them it would sell for, but they saved all the costs of getting it prepped to sell and the agent costs.

 

[Jangles]

I don't think it is common in terms of a straight up here is a check for your down payment.

In the U.K. if you help a child with the deposit, it has to be made as an unconditional, absolute gift. You have to sign a letter confirming that. Otherwise, the banks get fidgety about offering a mortgage.

 

[HopperFan]

In the U.K. if you help a child with the deposit, it has to be made as an unconditional, absolute gift. You have to sign a letter confirming that. Otherwise, the banks get fidgety about offering a mortgage.

I didn't mean it in any legal context, just that I don't know of anyone other than my examples of someone giving a person a substantial amount of money (over $5,000) for their down payment.

I def appreciate the banks do that. As you can see from examples many did pay back their family member for the down payment. If the requirement were it was an absolute gift, likely many wouldn't be giving that. Loaning large amounts of money is often the beginning of a bad story.

 

[Allison]

None. I would never have expected such a thing.

 

[barkley]

none nor did either set of parents pay for our wedding. we had lived together for close to a year before becoming engaged and didn't feel it was appropriate to have our parents pay. when we bought our first home 8 months after marrying it never occurred to us that either parent would financially provide for it (never even heard of the concept until we were house hunting and it was mentioned by a couple of realtors to which we replied that if we couldn't afford to buy a house on our own without parental help then we had no business looking in the first place).