Do you think it’s a good idea to help your kids buy a house? With Christmas up and coming you may be pondering this question. As a parent we want to see our kids in a stable situation. Plus property values are way down. According to CNNMoney.com the typical home now costs about the same as it did in 2003. With the low interest rates homebuying helps make homebuying an even more affordable investment.
Parents should make sure however they are helping their kids for the right reasons. As their parent you really need to know why your kids can’t get a loan on their own. If they have had a job loss, tying them to a permanent location may not help. If dealing with financial problems, it probably would be better to help them pay off credit card debt instead of buying a home.
But if you are helping a young couple just starting out, and haven’t had time to save for the down payment, and you can easily afford to help, this makes sense, according to Jeffrey Ivory, with Stonebridge Financial Partners in Bingham Farms, Mich.
Read the full MSN real estate article right here. What do you think?
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