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

[Luv Bunnies]

I'll start by saying we realize how fortunate we have been. My parents have been extremely generous with us and our kids. They had modest jobs, but wisely saved and invested in real estate in the 70s. As soon as they had a down payment, they would buy a house, a duplex and even owned an apartment building at one point. Most of these are located in other, less expensive parts of our state. We sometimes complained that we always seemed to be scrimping and saving, but they would tell us to be patient and that it would all pay off when we were older.

In the early 80s, they bought a condo in our city and said they were going to try to get two more (one for my sister, brother and me). They got priced out of the market and stopped buying, but said they would help us all with our down payments with the proceeds from their investments. When DH and I bought our first small condo, they gave us $20,000. When we moved up to a larger townhouse three years later, they gave us another $40,000. They did the same for my brother and sister. They also planned to send all of us and their grandkids through college or trade school. My son graduated from his dream school last year, debt-free. I reiterate to my kids all the time that they are extremely fortunate to have such kind and generous grandparents. They just want to help everyone be successful and secure.

 

[clh2]

I bought a house before I met my husband, on a shoestring…my parents did not help financially, but my dad was always willing to help with a project now and then!

I met my DH as a direct result of buying my house!

We have 1 DD, we helped them with their down payment, and $5k for immediate house needs. Our down payment helped them get to a 20% down payment. I’m so glad we did that for several reasons…7 or 8 months after they closed on their house, their bank called them and asked if they wanted to refinance, as a 15 yr mortgage was going only Going to cost them an extra $150/month, instead of a 30 mortgage. And, DD was pregnant with their first, being in their former apartment would have been miserable, not to mention, if they had been in the apartment during Covid, with a baby, and both daughter and husband working from home.

We were easily able to help them, and I’m glad we could!

 

[bakerworld]

My parents doubled our down payment. So we doubled our eldest down payment. Our youngest preferred to purchase on her own. When she decides to let us help we double her down payment.

 

[YachtClubWoman]

0

 

[sasywtch]

My (now ex) husband and I had just gotten married and had a child when a good deal came up. We hadn't saved (due to me not working yet) but the deal was too good to miss so my parent's loaned us the $2000 to pay off the seller's equity and we assumed their Cal-Vet loan. It was a house my dad's company built in the 50's and my dad could not believe how expensive it was now $45,000 LOL I grew up around the corner in the same style house.

 

[indimom]

No cash or help with buying the house, but they certainly helped us in other ways.
DH and I built our first home about a year after we married. My parents sold us a few acres of the family farm that was never any good for crops at its minimum value (which was certainly helpful). We chose to build a small home (just 2 bed, 1 bath) in order to make the mortgage/down payment manageable for two young adults on limited incomes.
My dad was a contractor and my husband worked for him at that time. They did quite a bit of the work evenings and weekends to save on some of the construction costs. I had our first child about a month before we moved in; so, my parents and a couple siblings helped with painting walls and staining trim just because they didn't want me doing that part. Both of our parents, my aunt and uncle, and a few siblings helped us move in also.
We did the same types of things for other family members over the years.

 

[footballmouse]

0

 

[bobbiwoz]

My grandparents helped us a lot, and we did the same for each son.

 

[grapefruitjellybean]

Now I want to know what everyone paid for their houses.

 

[MIGrandma]

Zero. I got married at 18, we rented for a year then bought our first home.

 

[mrodgers]

First home, nothing. First home was getting married and buying a trailer.

House, my mother, nothing. Her parents gave us $3000 for closing costs on the $88k 100% financed house.

Now I want to know what everyone paid for their houses.

Just told you

$19,500 for a near brand new trailer. Thought we'd get the same or close out of it but didn't get any takers for a few months so sold it for $16,000 to get rid of it.

$88,000 for 1007 sq ft (not much more than the trailer) and 2 acres.

Divorced and found a trailer for $9000. This is where I am now. It's quite depressing losing everything you did in life to get stuck where you're not allowed to do any of it.

 

[notatallmagic]

Not at all. Bought my first home as a single person at 27. Saved and made wise decisions; sold that one when we moved back to my hometown and was able to pay cash for a fixer upper and just finance the improvements. Paid that home off completely before 50, even with lots of tough times and financial challenges. IMO, having to sacrifice to have "skin in the game" helped build financial discipline.

 

[macraven]

my parents and in-laws never gifted or helped us in buying a house
it was not until we had our first home until our 4 th child came along

we were thrilled when we eventually were able to buy a house !

 

[tcufrog]

Lots of people here seem to be caught up in the fraternity mindset. If I had it rough, my kids should have it rough.

Seems many like to haze their kids.

I find that people often make much better decisions regarding how money should be spent when their money is on the line. We are fortunate enough that we have been able to save enough money to pay for our kids' undergraduate degrees. We do have some stipulations such as they have to work to pay for their spending money and they have to show they have a clear path to a career with their major choices. We're not paying for them to major in underwater basket weaving and then work at fast food when they graduate.

We will buy them one car in high school and we expect them to take good care of it so that it lasts them through college. We expect them to buy the next car. We will give them money towards their down payment for their first home if we can afford to do so for both kids. If they choose to get married, we will match the money they spend on the wedding but we won't pay for the whole thing. My parents did that and we were very grateful. We also were careful with our choices because our own money was on the line.

We will not do any of these things though if they jeopardize our financial ability to retire.

 

[mjkacmom]

Zero. We lived cheaply and saved until we could afford it. We put off getting married until we could afford that too. These are not hard concepts...

We got married at 28, early for our area but we had dated 5+ years. I went to grad school full time when we got married, to save $ we lived as caretakers in a historic home. A year later our oldest was born. Soon after DH’s parents wanted to move to senior housing, and wanted us to buy their house. I was pregnant with #2, we needed a bigger place, but only had $10,000 in the bank, and the house was only $180,000 (now worth $550000). My parents gave us $10,000, thank goodness because home prices were never this low again. I don’t know how our kids will get a 20% down payment these days.

 

[Praying Colonel]

Now I want to know what everyone paid for their houses.

We bought our first home in 1991 for 75K. Sold it in 1995 for 90K. Just looked it up--worth 275K now.

We took care of it ourselves (with help from the VA). I never really considered asking for help.

 

[mjkacmom]

We bought our first home in 1991 for 75K. Sold it in 1995 for 90K. Just looked it up--worth 275K now.

We took care of it ourselves (with help from the VA). I never really considered asking for help.

That’s so inexpensive! And my kids would be lucky to find a house now for $275,000, none here.

 

[Moliphino]

Now I want to know what everyone paid for their houses.

A little over $300k at the end of 2019, we put 20% down. Zillow thinks it's worth $110k more now.

 

[Praying Colonel]

That’s so inexpensive! And my kids would be lucky to find a house now for $275,000, none here.

We got a good deal when we bought it because of the recession at that time. And the locality is a factor, too. Same type home in a larger city would probably go for 30-40% more, at least.

 

[lynxstch]

zero--both of mine were deceased when I bought my first house