DD renting apt for 5yrs. We can help - Page 4

RollTide2008 · ‎02-14-2017

I'm single and have never been interested in dealing with the upkeep of owning a home. When things need done, the guy comes and take care of it.

Being somewhat portable has afforded me the ability to move easily for various career opportunities.

Sometimes renting makes sense.

depglass · ‎03-10-2010

When we did our will our lawyer brought up a couple points we had never thought of. Same situation, one daughter only. What if she declares bankruptcy? You will lose your investment. What if she marries (male or female) her partner now will own part of the condo. What if she just ups and moves across the country for job or whatever. You will be left holding the bag. Think this through thoroughly and do talk to your lawyer.

occasionalrain · ‎03-10-2010

I believe your daughter should have this money now. I would set up a trust fund for her and allow her to do with it as she wishes.

VaBelle35 · ‎03-10-2010

@CelticCrafter wrote:
@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.

I had HOA required repairs that needed to be done on my outside last September ($1100), including a power wash ($175), my hot water heater died on Thanksgiving ($1000), February - more HOA required repairs (to fix the ones the other contractor couldn't do) ($500).

And then there was my car.....

===================================
QVC Shopper - 1993

# IAMTEAMWEN

dex · ‎03-09-2010

If your daughter would like to purchase and you can afford to help then I think it is wonderful.Much more fun to see her get ahead than knowing she will inherit after you are gone...

RedTop · ‎09-01-2010

My husband and I choose to help our daughters whenever we can, because we are proud of their accomplishments, and want to see them enjoying their lives. We have worked hard and tried to make sure we leave an estate worth inheriting, but many things could happen between now and then. Being able to help our girls along the way makes us feel good, and what we've done is always greatly appreciated, but never, ever, expected.

Under these circumstances, I would absolutely give my girls the 20% down payment for a new home, but it would be theirs---my name would not be connected to ownership in any way. If you feel there is a need to be connected financially to her home, then you should buy the townhouse, let her live in it, and her pay all the monthly expenses. Then it would be more property she inherits when you die.

homedecor1 · ‎03-09-2010

@sissel

We just "helped" our son & SO purchase their first home. As your daughter they'd been renting for 10 years and realized homeownership was for them. They both have good jobs although if they have a job relocation then they'll just sell and take any equity.

My philosphy is we have everything we need & why not give to my family while I'm alive and can see them enjoying it! I can't see if from "6 ft under".

Life is short just this past year I've lost my nephew, 4 close friends (young age) and my new mantra is "tomorrow may not come"!

i think it's great if you can afford it & that's what she wants, understands homeownership brings obligations vs. renting. We do NOT have any ownership to the kids home we just had to provide documentation to the mortgage company where the funds came from - very easy process.

Hayfield · ‎03-10-2010

I think it's wonderful that you want to help your daughter, who else are you going to help? I do what I can for my two children, I always have and I always will. Having said that both of my children rent and they have no interest in owning a home. We just installed all new windows in our home and our daughter almost fainted when I told her how much we spent. She likes her job, her single life and coming & going, same for DS. I'm sure at one point in their lives they'll buy something but it's their lives, their business. I lived my life the way I wanted to so I'll do the same for them. As long as my children are happy, then I'm happy!

homedecor1 · ‎03-09-2010

@sissel

I just wanted to add: there is no right or wrong answer here. You & spouse should do what you "feel" in your ❤ is right.

The only thing is I would keep in mind it's "her" home, her responsibility, etc.

I've known many who have "helped" their kids & then think "they" have a say in how they handle their finances, decorating, how the clean, etc.

Good luck in whatever decision - just be sure she wants the same - as parents we have great "intentions" but they don't always go as planned.

10grands · ‎03-10-2010

It is a great idea if that is what your daughter wants. However, when I help my children, it is with no 'strings attached'. Why would your name also be on this purchase.