Supporting your Adult Child's First Home Purchase


With real estate prices what they are, purchasing a first home isn’t easy.  Some families are fortunate enough to be able to help their adult children out financially. Co-signing, co-buying, loaning or gifting money are ways parents may help out. However, if you are not in a position to do that, you are not alone, and there are other ways you can support the purchase of their condo or house.

Lend your experience to their house hunting: advise them what to look for when touring homes and share with them the valuable lessons you’ve learned from home ownership.

Help with the move and/or post-move: Roll up your sleeves and invest your time and energy packing, unpacking, or making their home shine.

If you’re handy: Getting your help around the house, be it with minor fixes, painting, renovations, or landscaping is all pure gold.

Be available when something goes wrong: you’ve probably owned a home for years so you are likely able to help diagnose the problem when the taps are running dry, the toilet is overflowing or water is leaking in through the ceiling. A reassuring voice at the other end of the phone can make these experiences less stressful.