How to help your kids purchase their first home

Ashleigh Pano is a Client Advocate with Gilkison Group.

So you want to assist your kids in purchasing their first home? That’s a significant milestone in anyone’s life and you want to make sure they do it right. Good news is, with a bit of guidance and planning, you can help turn their dream of homeownership into a reality.

First things first, let’s talk about money. Buying a home is a big investment, so it’s important to make sure your kids have a solid financial foundation. Encourage them to start saving early and often, and help them prioritise their savings goals. If you’re feeling generous, you can even make regular contributions to this account to help them reach their goal faster.

Once your kids have their finances in order, it’s time to start the home-buying process. Encourage your kids to do the research and attend open houses so they can get a feel for what they’re looking for in a home. It’s also a good idea to have them get pre-approved for a mortgage before they start house-hunting. This will give them a better idea of what they can afford and help them narrow down their search.

When your kids finally find the perfect home, there’s still a lot of work to be done. Help them review the contract and understand the terms of the loan. Make sure they understand all the fees associated with buying a home, such as settlement costs, property taxes, and insurance. If there are any contingencies in the contract, make sure your kids understand what they are and what they mean.

Finally, it’s time for settlement and move in day! Help your kids plan the move, including hiring a moving company, renting a storage unit, or buying any necessary furniture or appliances. Once they’re settled in, encourage them to keep their home well-maintained, including keeping up with regular maintenance, fixing any problems that arise, and saving for any unexpected expenses.

Helping your kids buy their first home can be a lot of work, but it’s also a lot of fun. You’ll be able to watch them take a big step towards financial stability and independence, and you’ll be able to share in their excitement and joy. Just remember, take it one step at a time and don’t be afraid to ask for help when you need it. Your kids will appreciate all your hard work, and they’ll thank you for years to come.