Reply to What would you do if your nest won’t empty?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We’re early retired and pretty well off.  Had our kids early as well.  We live in the city and have a second home in the country.  We think it’s crazy for our kids to pay rent to somebody else when we have plenty of room for them.  So long as they are productive and moving forward we have no problem with them staying with us rent free.  One of them took longer than the others but everyone goes at their own pace and we felt that her pace was understandable given some issues that she had that were not self-inflicted so we were patient.

When our youngest got married she and her husband lived in our English basement rent-free while they saved a little money (it happened to have opened up at the right time) and when they announced they were expecting and needed more space we [b]bought a townhouse in a desirable close in suburb and rented it to them at full market rent. [/b] We figured why have them spend their good money on someone else when they could send it to us and keep it in the family?

I come from nothing myself, [b]but I am not of the mindset that that means my kids must have the same struggles.[/b]  They’re all responsible adults and appreciate our help.  [/quote]

??????

This is very out of step with the rest of your post. How was making your kid pay $6500/month on a condo YOU OWNED a favor to them???[/quote]

LOL! I am sure your mind is blown.

AC wanted to live in a townhome and pay rent.  Parents have bought a townhome (because they have the money)  and they have let AC live there as a tenant. The rent has now become a mortgage payment.  The property will come to the AC eventually from the parents and the hard earned money of the AC did not get wasted as rent.  This is how generational wealth is created.

The parents assume the financial risk and exposure of the loan to buy the townhome because they have better credit and probably got better interest rates etc. At the same time,  maybe the ACs want to use the first time home buyer benefits when they are ready to buy a sfh and not a townhome. They all are safeguarding their money, wealth and options - and keeping it in the family.

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