In 2011 we’ve been hearing about a tremendous number of parents helping their children to buy their first home. With that trend in mind, we asked our System members for their best piece of advice for those parents guiding their children through the search to find their own nest.
1. Channel your inner financial advisor
As the voice of home buying experience, gently remind your children not to look in a price range they will struggle to keep up with. Encourage them to put 20% down and thoroughly investigate the best mortgage rates. Diana Taglianetti, http://c21alliancenj.com/
2. Make the rounds
Go with your children to see all of the properties they are interested in, not just the one they like the most. This way you will have a few places to compare and when you give advice, they know you are basing it all the listings you’ve seen together. Rick Opperman, http://rickopperman.com/
3. Remember who the buyer is
When looking at properties, keep in mind that this will be their home, not yours. They are the ones who will actually be living there. Just because you do not like a particular feature, doesn’t mean they place is not right for them. Be supportive and let your child take the lead on building the pro/con list. Brian Yoak, http://www.c21ag.com/
4. Walk in their shoes
Do you remember your first home? I’ll bet it wasn’t perfect either. If this were you, you probably couldn’t have afforded it. Usually by the point your child asks you to come see a property, they’ve narrowed their search significantly with the help of a trained professional and they are really only seeking your approval. Try to be open minded. Emily Silverness, http://www.century21duluth.com/
5. Plan for re-sale
Young home buyers often forget they will one day be sellers. They look for the features they want now, or the blemishes they can tolerate, but they don’t think about how those elements affect re-sale value. Be sure pose the question, “Will that feature make this place more difficult to sell when you’re ready to move?” Stephanie Armstrong Therrell, http://www.stephanietherrellrealty.com/
6. Stress stability
This is likely the largest investment your children will make in their lifetime. Ensure they don’t settle and that they choose a home they truly love. This way, they will hold on to the property longer, achieve financial stability and have time to save for their next home. Joelle Berni, http://www.century21award.com/
7. Wear the appropriate hat
Listen to what role your children are asking you to play in their home buying process. Do you they need help with finances? Talk to them about budget and finding the best rates. Do they want your opinion on the elements of home that meet their needs? Help them find a real estate professional they can trust and go to showings with them. Take the knowledge of life and pass it on to them with action. Jeffrey Scott Nickerson, http://www.c21northland.com/
Have you helped your children with their first home search? What’s your best piece of advice?