Would you if you could?

mellowyellow

mellowyellow

Well-known Member
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Mary Jekki-Acosta (front) was able to get a brand new home with the help of her parents-in-law Francisco Acosta and Maria Elena Montaez. Picture: Toby Zerna

Cashed up parents bankrolling their children’s property purchases are fast becoming a formidable force at Sydney auctions.
Real estate agents and mortgage brokers are seeing a surge in the number of parents providing financial support to help their kids buy due to a fear of missing out fuelled by rising house prices.

The support from the bank of mum and dad is enabling many young house hunters to become an unstoppable force by having additional cash to fend off high levels of competition for property at the moment.

Australian Sydney house prices are going through the roof, so would you if you could?
 

When I bought my first house, I was single. A couple who were friends of mine bought their house around the same time. I made more money than they did, yet they were able to by a much nicer house in a much nicer neighborhood. I was baffled until they explained that her parents paid the down payment and closing costs. I had never heard of that prior to this because the way I grew up, being on your own was considered being an adult. I don't know that I would want to be beholden to somebody else paying my way through life. There is a cost to that and for me it would just be too high.

Tony
 

tbeltrans said:
When I bought my first house, I was single. A couple who were friends of mine bought their house around the same time. I made more money than they did, yet they were able to by a much nicer house in a much nicer neighborhood. I was baffled until they explained that her parents paid the down payment and closing costs. I had never heard of that prior to this because the way I grew up, being on your own was considered being an adult. I don't know that I would want to be beholden to somebody else paying my way through life. There is a cost to that and for me it would just be too high.

Tony
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It's a gift, don't be so proud.
 
Gardenlover said:
It's a gift, don't be so proud.
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You interpret what I wrote as pride. My intent is much more practical, having nothing to do with pride. It is all in how we were raised. Funny how people interpret other's posts. I see it all the time in forums. But, then, we don't REALLY know each other, so it is difficult to understand the context in which another says something.

Tony
 
tbeltrans said:
You interpret what I wrote as pride. My intent is much more practical, having nothing to do with pride. It is all in how we were raised. Funny how people interpret other's posts. I see it all the time in forums. But, then, we don't REALLY know each other, so it is difficult to understand the context in which another says something.

Tony
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Yes, indeed. But there are common patterns in our posts. Would you agree?
 
Gardenlover said:
Yes, indeed. But there are common patterns in our posts. Would you agree?
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Not necessarily. Though those common patterns might explain the miscommunication/interpretations.

What is missing in forum posts is tone of voice, body language, inflections, and facial content. You can judge me as harshly as you wish, but I still don't agree with your basis for it. This isn't the first time and we will probably go through this same thing again.

Tony
 
Yes and no, Mellow.

I quickly see this turning into a generation of spoiled rotten brats.

As parents we all want (and dream) of being able to help (key word help) our children and give them a better head-start than we had, but handing the keys over to them for a home purchased lock, stock and barrel, I'd be hard-pressed to buy into such regardless of how much money I had.

Aside from not being in favour of paying anyone's way through life, I'm old-fashioned in the sense that people should have to work to get ahead in life, and they should have a vested interest in acquiring material things they desire, because A, more appreciation for those things is harvested, and B, it helps keep people grounded and reminds them of their roots.

People who go through life having everything given to them and done for them, all too often equates to inherently entitled and materialistic individuals who feel privileged and deserving of special treatment at every straight and turn.
 
tbeltrans said:
Not necessarily. Though those common patterns might explain the miscommunication/interpretations.

What is missing in forum posts is tone of voice, body language, inflections, and facial content. You can judge me as harshly as you wish, but I still don't agree with your basis for it. This isn't the first time and we will probably go through this same thing again.

Tony
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Truth can be harsh at times.
 
Aunt Marg said:
Yes and no, Mellow.

I quickly see this turning into a generation of spoiled rotten brats.

As parents we all want (and dream) of being able to help (key word help) our children and give them a better head-start than we had, but handing the keys over to them for a home purchased lock, stock and barrel, I'd be hard-pressed to buy into such regardless of how much money I had.

Aside from not being in favour of paying anyone's way through life, I'm old-fashioned in the sense that people should have to work to get ahead in life, and they should have a vested interest in acquiring material things they desire, because A, more appreciation for those things is harvested, and B, it helps keep people grounded and reminds them of their roots.

People who go through life having everything given to them and done for them, all too often equates to inherently entitled and materialistic individuals who feel privileged and deserving of special treatment at every straight and turn.
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Interesting post Aunt Marg. Where would you draw the line in regards to helping your children?
 
Gardenlover said:
Truth can be harsh at times.
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Your "truth" is not necessarily mine. Why not just give me room to be me instead of expecting me to conform to your "truth"? I never understood that kind of attitude and why you have me in your sights. I don't mess with you. I am only responding to you going after me. Please just stop it. Neither of us gains anything from this.

Tony
 
Gardenlover said:
Interesting post Aunt Marg. Where would you draw the line in regards to helping your children?
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A healthy down-payment, I can understand, GardenLover, particularly in today's day and age where accumulating a down-payment for a home has become next to an impossible dream for the younger generation here in Canada.

Reflecting on the people I knew from the time I was old enough to understand the concept that some people were born with a silver spoon in their mouths, all turned out to be self-righteous, pompous (you know what's), sneering down the bridges of their noses at others for being lesser-than.
 
Aunt Marg said:
A healthy down-payment, I can understand, GardenLover, particularly in today's day and age where accumulating a down-payment for a home has become next to an impossible dream for the younger generation here in Canada.

Reflecting on the people I knew from the time I was old enough to understand the concept that some people were born with a silver spoon in their mouths, all turned out to be self-righteous, pompous (you know what's), sneering down the bridges of their noses at others for being lesser-than.
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Agree, a healthy deposit would get the kids into the market, but buying the house outright is well over the top IMO. The median house price in Sydney is now $1,211,488 and going up every week. It’s total insanity. Young couples are taking advantage of the low interest rates by signing up to outrageous mortgage debt. They haven’t lived long enough to know those mortgage rates are going to go up one day and then what?
 
mellowyellow said:
Agree, a healthy deposit would get the kids into the market, but buying the house outright is well over the top IMO. The median house price in Sydney is now $1,211,488 and going up every week. It’s total insanity. Young couples are taking advantage of the low interest rates by signing up to outrageous mortgage debt. They haven’t lived long enough to know those mortgage rates are going to go up one day and then what?
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Gosh, what a staggering about that is, Mellow.

Here in BC Canada, the average price for a home is now crowding $800,000 CAD.

People are so deep in debt today, I simply could not imagine living like that, not for a home, not for anything.

As you already mentioned, interest rates are at an all-time low, but in another year or two, they're going to go up, history tells us that, and when they do the people who are living from paycheck to paycheck will lose everything.
 
My oldest daughter struggles with PTSD, is a single mom of two kids and no child support. I bought the home she now lives in and I own it free n clear. She does not pay rent but takes care of maintenance which helps her out a lot. I can sell it if she leaves and make a profit or leave it to her in my will. For now it is an investment I am glad to be able to make. My life would have been less of a struggle if someone had helped me. I do not feel I am spoiling her just helping all I can.
 
Sassycakes said:
I have 2 children who have always worked hard from when they were teenagers. I would gladly help them get whatever they need and I would do the same for my grandchildren.
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I think this is great that you can and would do that.

To clarify my earlier post, since one person took real offense to it and took me to task, I was relating my personal experience in how I was raised, rather than judging what other people do. I had honestly never known anybody whose parents helped them buy a house until that couple that I mentioned. I admit it was a bit of a shock to me, but since then I have heard of more such situations, so it must be more the norm than I realized.

So, for those who either were helped by their parents, or are parents helping their kids, that is great that you have those kinds of family relationships.

Tony
 
We could and we did! Nothing wrong with helping your children get started if you are able to. We spent a long time persuading ours to accept any help. They did not turn out to be wrapped up in themselves, they are very sweet people and they help others too.

Having said that, nothing wrong with going it entirely on your own...very noble I think. My husband and I had offers from parents when we were starting out, but we refused..they were not offended but very proud of us for being so self-sufficient.
 
Dana said:
We could and we did! Nothing wrong with helping your children get started if you are able to. We spent a long time persuading ours to accept any help. They did not turn out to be wrapped up in themselves, they are very sweet people and they help others too.

Having said that, nothing wrong with going it entirely on your own...very noble I think. My husband and I had offers from parents when we were starting out, but we refused..they were not offended but very proud of us for being so self-sufficient.
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Thank you for the even handed response in this thread. :)

Tony
 
mellowyellow said:
View attachment 152765
Mary Jekki-Acosta (front) was able to get a brand new home with the help of her parents-in-law Francisco Acosta and Maria Elena Montaez. Picture: Toby Zerna

Cashed up parents bankrolling their children’s property purchases are fast becoming a formidable force at Sydney auctions.
Real estate agents and mortgage brokers are seeing a surge in the number of parents providing financial support to help their kids buy due to a fear of missing out fuelled by rising house prices.

The support from the bank of mum and dad is enabling many young house hunters to become an unstoppable force by having additional cash to fend off high levels of competition for property at the moment.

Australian Sydney house prices are going through the roof, so would you if you could?
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hi mellow. i think given the fact that my parents are retired and only have a certain amount of money to work with each month, i would likely decline assistance with purchasing a house. they spent 18 years paying for me. it's their time now.
 
lia said:
hi mellow. i think given the fact that my parents are retired and only have a certain amount of money to work with each month, i would likely decline assistance with purchasing a house. they spent 18 years paying for me. it's their time now.
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Surprising how many of todays folk can't put two and two together and only think of themselves and their own needs.
 

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