Re: DD renting apt for 5yrs. We can help

scatcat · ‎03-15-2010

Is your name also going on the mortgage? I'd gift her the down payment money

IMW · ‎06-15-2014

It is loving and generous. Can she handle the monthly mortgage and insurance, etc by herself? If so why not gift it outright.

I argue with dh re this. I want to see my kids enjoy our gifts when they can really use it. They will inherit it anyway.

Piperdellilah · ‎02-12-2015

I think that is very generous of you. I did the same thing for my son and his family, i gifted him 20% down on a house because i was blessed enough to do so. It worked out great for him, he always wanted a house (yard, garage etc..) and he hated renting. Owning a house isn't for everyone and renting an apartment isn't a waste of money, it depends on your lifestyle and what you want.

granddi · ‎03-16-2010

There is nothing wrong with helping grown children if that is what you want to do!

There are ways to gift money that are within IRS rules. You and your spouse can each "gift" to any individual $13,000.00 per year. You can also make a family loan. Forms and information are easily found and do not require lawyer/cpa. Again these options to help family are IRS approved--no gimicks.

You don't really want your name on the property.

kelsey17 · ‎04-10-2012

@CelticCrafter wrote:
There is nothing wrong with wanting to help her if she is willing to accept your help and wants to own a home.

If it were me, I would gift her with the down payment - keep your names off the deed and let her own it outright.

This is exactly what i would do.......a gift is GREAT...and i am sure she would appreciate it.......but i would not have my name/credit, etc. on any deed/mortgage.....she should be able to support the move herself after your generous donation.....if not....maybe it isnt' time..

chrystaltree · ‎05-10-2010

It makes perfect sense to me, she's almost thirty and I'm sure she's ready for to own her own home. Houses and condos are so incredibly expensive where we live that very few single people can save the down payment. We gave daughter #1 her wedding money to use for her down payment on her house. She bought her darling little house and a year later got married in the garden of that house. She has no regrets about not having a big $$ wedding. So, yes. If your plan works for both you and your daughter....it is a good thing. I think most of our friends have helped their kids out either with the down payment or with monthly payment. Life is so much more expensive than it was when we were young and the fact is that whatever we have is going to go to them when were are gone anyway.

VaBelle35 · ‎03-10-2010

Putting aside the 20% down, do they have the ability to not only pay the mortgage every month, the HOA fees (if applicable), all the utilities (if they are not currently included in rent), and specifically things like heat and ac? I'm not sure where they will be living, but heating an apartment is one thing. Heating a house is another.

If you're not buying new construction, can they replace a roof, appliances? Afford the insurance that comes with a mortgage? I have a TH and my insurance if $600 a year to cover replacement studs in.

Homeownership seems like a good idea, but the first time you have to call a plumber to fix a leaky sink, you wish you still lived in an apartment.

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CelticCrafter · ‎03-09-2010

@VaBelle35 wrote:
Putting aside the 20% down, do they have the ability to not only pay the mortgage every month, the HOA fees (if applicable), all the utilities (if they are not currently included in rent), and specifically things like heat and ac? I'm not sure where they will be living, but heating an apartment is one thing. Heating a house is another.

If you're not buying new construction, can they replace a roof, appliances? Afford the insurance that comes with a mortgage? I have a TH and my insurance if $600 a year to cover replacement studs in.

Homeownership seems like a good idea, but the first time you have to call a plumber to fix a leaky sink, you wish you still lived in an apartment.

And if it's like this house, it's never just one thing that breaks down or needs replacing, seems as though if one thing decides to break or die, there will be something else following behind shortly!

Last year for us it was the stove, hot water heater and air conditioner.

Trinity11 · ‎11-16-2014

@sissel wrote:
DD renting apt for 5yrs so DH& I can give her 2o% down for a townhouse . We are retired & she is an only child think this will be a good move. Tired of this renting ******, but we will be on the title with her. She doesn't have enough down payment. She is 28yrs. Just tired of renting & if we can help out Is this wrong? She will inherit the money when we die so maybe do this now.

Why are you on the title with her?

I believe in helping my children but once we gave them the $, they were responsible enough to handle the payments on the real estate and the deeds have their name ...not ours.

blackhole99 · ‎08-22-2013

IMO if she can't afford to own a place on her own dime she shouldn't have it. My son is an only child and I can tell you if we try to help him too much he backs away from us big time. I think when they want to do it on their own it shows they were raised well and confident that they will make their own way in life. like your daughter my son is a millennial and they just don't want the same things we do. My son is 33 and still rents and drives a 12 year old car he bought new and paid cash for.He could buy a new car and buy a place if he wanted. My son always says he'd rather have the money, not things.