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

[Kennywood]

.

 

[Kennywood]

Honestly, it didn't wouldn't have occurred to us to ask our parents for help. We were adults on our own and brought up to be self-reliant by then. At that point, our parents owed us nothing. They did their jobs in rearing us.

Like the previous poster, we also paid for our own wedding.

These two things not only taught us to be appreciative for what we were able to earn, but to also live within our means.

 

[Jangles]

Quite a chippy thread. Would any of you buy your children a Rolex or a diamond necklace? What do you consider to be the ‘acceptable’ amount for a gift?

 

[kdonnel]

My parents did not help monetarily as they did not have money to share but helped in so many other ways.

My wife's parents gave us $30,000 to cover the down payment.

I plan to help my kids as much as I can.

My daughter is moving to her first non college place at the end of July. I have paid all the necessary deposits and bought her some needed furniture(bed, dresser, mattress). Back in 2019 I bought her a car that should last her many years into young adulthood.

I don't see any reason not to try and make my children's lives easier or better than mine at that same age.

My parents helped as much as they could and in turn we helped them as much as we could. The same for my in laws.

That is what family does.

 

[xjillianpaige]

I was able to live with my parents rent free and save for my down payment, so their contribution was a free roof for as long as I needed it so I could save.

ETA: they did buy me two stools for my dining table and have purchased odds and ends for my space. I never expect it but always appreciate it.

 

[cvjw]

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.

We had to fill out the same letter when we helped my son buy his first house in 2019. We gave him $25,000. My parents gave him $5000.

My husband’s parents gave us $10,000 for a house when we got married.

 

[cvjw]

Quite a chippy thread. Would any of you buy your children a Rolex or a diamond necklace? What do you consider to be the ‘acceptable’ amount for a gift?

We prefer to help our boys with money for a house, or for retirement. If we just give cash, it would be spent on a Rolex or a range rover!

No exact amount is acceptable for us. We have plenty and want to share with our boys.

My parents and my husband’s parents have been very generous with us over the years.

 

[Lilsia]

I think this is definitely a cultural thing. My culture believes in helping your kids as much as you are able to. After all, don't we all want a better life for our kids? My parents gave us $10,000 for our first house. My grandma also gave us each $10,000 for a car when we graduated HS. I did not go to college so they saved money there with me. They did pay for my brother's schooling. My husband and I are paying for our daughter's college. And if we are able to when the time comes, we will help them with their homes. We don't expect them to give us these gifts, but it is what they wanted to do. I don't see anything wrong with wanting to help your adult children in life, especially if you are able to.

 

[georgina]

I think the 'if you are able to' is an important point. My parents were not inclined that way. My mother-in-law inherited a nice sum of money from her parents and announced she was using it to pay for her grandchildren's college. That was a very generous gift; they were already financially comfortable and did not need the money.

 

[easyas123]

28 years ago my folks helped us out by giving us the $$$ to purchase a lot outright, and we then got a construction loan and built our first house ourselves. It was in a rural area, and the lot was only $10K. We're on our 4th home now and have made a few good choices as we rolled into one house from the last - all due to that little bit of help at the beginning. We were very appreciative.
Our son just had his first house built, we purchased & made arrangements for a whole home water softener system to be installed after he went to settlement.

 

[evilmommie]

No, they didn't help purchase our homes. Their love and support along the way is what they wanted to provide, after I was on my own and then married...and I'm completely fine with that...

...Our kids, different story. We helped our oldest daughter and SIL with the down payment on their first home. If our other 3 kids need a boost as well, we will be there for them. We're now in a place financially that we want to help our adult kids as much as possible. They never ask for anything, so it makes it easy to give to them.

 

[Moliphino]

My parents did not help monetarily as they did not have money to share but helped in so many other ways.

My wife's parents gave us $30,000 to cover the down payment.

I plan to help my kids as much as I can.

My daughter is moving to her first non college place at the end of July. I have paid all the necessary deposits and bought her some needed furniture(bed, dresser, mattress). Back in 2019 I bought her a car that should last her many years into young adulthood.

I don't see any reason not to try and make my children's lives easier or better than mine at that same age.

My parents helped as much as they could and in turn we helped them as much as we could. The same for my in laws.

That is what family does.

Agreed. I know my parents will always help me if I need it in any way they're able. They're comfortable, but not rich or anything, so I do decline money if I don't need it. I've loaned them and my sister money, too, without interest or any pressure to rush to pay me back.

 

[loves to dive]

None, my ex already owned the house and land.

 

[holden]

DH's grandmother gave us a gift of $10,000 to use towards a down payment. The rest we earned by working all throughout high school and college. We bought our house when I was 23 and DH was 24.

 

[ftbaker1313]

Our son lived at home with us after college for a few years while he saved money. We charged him 200$ a month for rent. When he went to buy his first home him that money back and he added it to his down payment.

 

[Sadeesmom]

$0, but a weekend of labor.
Day one painting, and day two moving/unpacking. That helped a lot.

 

[NMBCFangirl]

My parents loaned each child $10K to put toward the down payment on their first home. I was the only one who paid it back. I didn't like feeling beholden.

 

[superme80]

My MIL inherited a rather large sum of money. She gifted us a down payment for our first home. We were very grateful. A few years later she paid off my SIL's house and our house. When we bought our next home, she provided a down payment, and allowed us to keep the money from the sale of our 1st house. We paid off our 2nd house.
We know how unique our situation is. We are so grateful for our in law's assistance in all of this. I know for my mother in law, it kept us in California, so it is a huge perk for her.

 

[CdnCarrie]

None

 

[Donald Duck Family]

Zero.