Reply to Can we talk about parents buying their adult children luxury homes

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[quote=Anonymous][quote=Anonymous]This is a way to build inter-generational wealth.

My parents helped us with a down payment, and we hope to do the same for our kids.

I recall reading on the Financial Samurai that something like 50% of buyers in San Francisco rely on the "Bank of Mom and Dad" to buy their first home.

At least in Bethesda where I live, this must be common, as there are tons of people who are not just relying on W-2 wages to pay for their housing.  (Example -- the federal employee (lawyer) with a SAHM wife, and they live in a $2 million house.)  I'm not sure if that's from hitting it big in prior jobs, or from inheritance, etc.  [/quote] I don't think giving money for a house is the best way to pass on "intergenerational wealth" without having the long term funds to back it up. Do you know how many crumbling mansions/chateaus/castles there are in Europe or dilapidated Victorian mansions there are in the US because the family couldn't keep up with the maintenance/taxes or have the income to keep the property in the family because the family just ran out of money? [/quote]

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