DD renting apt for 5yrs. We can help - Page 2

jackthebear · ‎03-11-2010

don't put your name on the title

if you guys die = estate issues for her

if she defaults on the loan = you will be responsible for the payments

If you give her the money that will have to be accounted for in the process of buying as well

jackthebear · ‎03-11-2010

@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.

There is absolutely nothing wrong in wanting to help your child, perhaps consulting with a lawyer to plan for the future would be the best way to do this

ID2 · ‎06-25-2012

@Winter Holiday wrote:
Plenty of people rent all their lives and never own a home. Owning property is a nice idea but there are positives to just renting too like less maintenance expenses and the freedom to pick up and leave far sooner then the duration of waiting for a home to sell.

Ugh I feel there are no positives to rent your whole life! Really? Wasting and wasting soooooo much money! One of my kids (is now married) has been in their apt for 4 years now and is desperate to move into something they can own. Saving like crazy! They could own the taj mahal for what they throwing away renting! OP I think its a wonderful, generous offer for your daughter!

"Pure Michigan"

CelticCrafter · ‎03-09-2010

@Winter Holiday wrote:
Plenty of people rent all their lives and never own a home. Owning property is a nice idea but there are positives to just renting too like less maintenance expenses and the freedom to pick up and leave far sooner then the duration of waiting for a home to sell.

My daughter is a renter and it's expensive. I know she would like to own, but she doesn't want the responsibility of the maintenance and upkeep, grass to cut, leaves to rake, snow to shovel.

She likes to be able to lock the door, get in her car and go.

She has covered parking so doesn't even have to shovel the car out in a snow storm.

missy1 · ‎03-10-2010

@jackthebear wrote:
don't put your name on the title
if you guys die = estate issues for her
if she defaults on the loan = you will be responsible for the payments

If you give her the money that will have to be accounted for in the process of buying as well

Their dd may not qualify to buy on her own.

I would not put dd name on the title.

Add it later on, is a possibility if she can show she can make timely payments for a few years.

software · ‎06-08-2016

Rent is not like throwing your money away. it's providing a roof over your head, maintenance, amenities etc. You have different needs at different times in your life. A house can be a burden and a money pit if you are not prepared.

But obviously a house can be a blessing.

Desertdi · ‎03-13-2010

@Kachina624 wrote:
Its not what we think but WHAT SHE wants that is important. You don't mention a word about her wishes. Maybe she has her own reasons for not accepting your generous offer? For one thing, maybe she doesn't want her parents on the title and would like to do this independently? You don't state your reason for posting and don't mention wanting advice so I'll shut up.

@Kachina624 And there could be "control issues".......but I don't KNOW THAT........so I'll shut up, too (!)

♥Surface of the Sun♥

queendiva · ‎03-12-2010

@sissel: A buyer no longer needs 20% down to buy a house or other dwelling. My DS and his fiance bought last year with considerably less down, and PMI added very little to their mortgage payment.

Respectfully, your DD is a young adult. Let her work toward buying her own home if this is HER goal. How will she ever earn the sense of accomplishment and satisfaction if you and DH do it for her? In addition, many banks will not lend to someone if the entire down payment is a gift from someone else. Your name on the title. Bad idea on many levels.. Does she live near you? if so, perhaps she would consider moving back home for a while to save for her own home expenses. If not, she is still young and has plenty of time to figure this one out on her own.

itsmagic · ‎08-08-2011

Maybe you should consult with an attorney before putting your name on the title just to make sure it won't adversely affect you or your daughter at some point.

NicksmomESQ · ‎08-19-2014

I think it's great that you want to help her with a down payment.If she's ok with accepting it.However,I would not put my name on the deed.Let her own the property on her own.If her income doesn't qualify her for a mortgage then maybe she needs to wait a while.

Home ownership is not for everyone.I know wealthy people who rent very expensive homes.It's a lifestyle choice.It's not a waste of money if it suits you!!