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Money and Finances
Reply to "Buying a first home - did you get the downpayment from your family?"
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[quote=Anonymous][quote=Anonymous]OP--I was you. My parents felt like we were adults and didn't need that kind of help. Then they sort loudly wondered how this and that high school friend (bethesda area) could afford a house in Bethesda or Potomac or Chevy Chase on a teacher's salary or equivalent. My siblings and I would point out that their parents had given them the down payment or outright bought the houses. It took about a decade for my parents to acknowledge that maybe their course hadn't actually taught us any valuable lessons as they had to drive very long distances to see us and their grandchildren. I just think some parents are different and in my case, my parents think that being self-sufficient is very important. I actually agree but in this area, in this era, parents no longer cut kids off after high school or college. Some kids have parents paying for houses, cars, grandchildren's daycare/private school until the parents die. For parents who have that mind frame, the issue isn't about self-sufficiency, it is about helping out their kids and giving them every advantage. Having been raised by the "self-sufficiency is important" parents, I will be the other type if I can. THat is the lesson I learned. You can do it--save up, buy what you can in a good area and just plan to move later. ALso, I bought a SFH at 28 by myself so I agree with some of the other posters who note that you aren't "young."[/quote] I'm not sure where you draw the line. I think that access to grandchildren makes sense. But....last night DH and I had an argument about this. He is a GC and in the process of building 2 apartment buildings downtown. They are mostly studio and 1 bedrooms. He came home after talking with the owner who commented that the studios are renting for about $2400 and most of them are already signed for. The owner also commented that he believed that most people living in the building had their parents paying the rent. DH has a 19 yr son who has never worked a day in his life. He truly has no idea of what it takes to make a decent salary especially in this area. DH asked me how I would feel if we rented his son one of these apartments in a few years. And I lost my mind. If you can't pay the rent with your job, you don't get to live in the brand new apartment building with nice amenities. You get to live in a run down house shared with friends. I'm honestly scratching my head about this sense of having to take care of the kids once they move into adulthood.[/quote]
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