5 Ways Parents Can Help Adult Children Buy a Home

Want to help your child buy a home? Thanks to today’s staggering student loan debt and high real estate prices, it’s no surprise that 20 and 30-somethings often need help with financing their first place. These days, it’s not uncommon for parents to assist adult children with shopping for a home. In fact, today’s millennials are receiving more help than ever from parents when it comes to making their first home purchase. Even those unable or unwilling to buy a home outright for their child can still help financially and emotionally with the home buying process. From helping your kids establish good credit to teaching them about mortgage options, here are 5 ways you can help your child buy a home when the time is right.

5 ways you can help your child buy a home

Let your child live with you temporarily

Gift the down payment or home buying expenses

Help your child build a healthy credit history early on

Loan them money

Become a co-signer or co-borrower

Other ways you can help your child buy a home

Not able or willing to contribute financially? There are plenty of other ways to assist your adult child with making their first home purchase that have nothing to do with giving them money. One way you can support their home buying dream is by simply educating them about the home buying process. If you’ve purchased a home at some point in your life, then chances are you have a fairly good understanding of how the home buying process works. Teaching your child about finances, savings and the importance of good credit at a young age will set them up for success down the road. When they are ready to purchase a home, we recommend educating them about different mortgage options. For a more in-depth look at a conventional mortgage vs. government-insured mortgage, and a fixed rate mortgage vs. an adjustable rate mortgage, read The Different Types of Mortgages Explained.

A second indirect way you can help your child buy a home is by finding them a trustworthy and experienced Realtor. After all, first-time home buyers need all the help they can get. Not only is a good Realtor able to handle all legalities and paperwork, but they should also be able to help your child understand the financial jargon that comes with making a real estate purchase. For tips on how to find a seasoned Realtor, check here.

Are your children ready to move?

So your child is finally leaving the nest. Congrats! Now it’s time to start planning their move. Fortunately, it’s easy to help your kids with this next step, thanks to Moving.com’s helpful Move Planner tool. Our customizable moving checklists, personal tasks list, email reminders and coupons make it easy to plan and coordinate their upcoming move. Best of luck and happy moving!