Kids getting on the property ladder

I think a great many single and partnered people have come to the same conclusion. Our DS and his partner are both very happy to be paying low rent and living in a house with one other couple and a single person.  They are adventurers who don't spend a lot of time at home, have a large enough suite in the basement of the house with their own bathroom and share the kitchen and living areas upstairs as well as a huge yard.  Had we had a crystal ball, we would have helped DS buy a home 10-12 yrs ago when he settled in that part of B.C.  Housing prices seem to have tripled since then and very old houses are close to $1million.  

My single daughter bought her place 6 years ago with no help from us. She doesn't want to give up <3% loan, but has started to think about a larger place.

My son is single and in an apt. His occupation has him away for 45 days or 2 week intervals several times a year and he doesn't have to worry about an unknown broken pipe while away, etc. It suits his current lifestyle. He'll buy a house once this phase of his life is over.

They both like to watch their investments and retirement grow.

I do think a lot of people like the flexibility that comes with renting. Younger people seem to change jobs more frequently than in my day and it suits their current life.

DD1 (31) bought a townhouse in Richmond almost 2 years ago. We told her she could have her “wedding fund” to help with the down payment. Fortunately, she had no student loans, which is one of the huge barriers stopping many young people from qualifying for a mortgage.

She is a great “saver” and had an emergency fund saved above the down payment, which came in when she lost her job about 6 months after the home purchase. When she found another job at a lower salary, the budget was tight, but she could still manage the payments. She left that job in less than a year due to toxic new management that appeared to be heading toward closing her location. She followed the advice of “it’s easier to find a job if you already have a job” and landed in a great position with a company with long-term stability. She could afford to move into a bigger house with her new salary, but she loves the location of her townhouse and likes the low-maintenance freedom of a townhome.

DD2 (26)is in Chicago, and she has no desire to buy. She likes living in the city and is not interested in moving to the burbs. She makes good money, but not “buy-a-condo-in-downtown-Chicago” money. Listing prices for Chicago condos look reasonable until you look at the HOA fees and property taxes and realize just how high the monthly payment would be. She prefers to rent and retain the flexibility of being mortgage-free and not having her money tied up in home equity that she may or may not be able to access if she needs it. She knows there is a good possibility she will have to relocate when she is promoted, and she doesn’t want the headache or stress of selling when that happens. However, she has the “wedding fund” offer on the table when she is ready.

DD3 (26) lives at home while working and finishing her degree. She may never move out bc she has it pretty good here! She doesn’t make anywhere near the money her sisters do right now, but her “rent” is cheap here so she is saving as much as possible. If and when she is ready to move out on her own, we will make the same wedding fund offer.

DD1 was just turning 30 when we helped her with a down payment. We will gift the same amount to the twins when they turn 30 if they haven’t used it for a down payment or wedding by then. While DD1 would have loved an extravagant wedding, neither of the twins is interested in that type of event, so I know they will take the money if offered LOL.



We are happy to help the girls while we can see them out the money to good use. I don’t think DD1 would have a house yet if we hadn’t helped her, and I’m glad she bought before prices went up later that year. She is in a great location, and a realtor friend of ours in the area said she could probably sell for about $40k more than she paid. She spent about $10k on some improvements, but she wouldn’t lose any money on her home if she sold now, even after commission.

Three of my four sons are homeowners. The two who bought in the Norfolk/Virginia Beach area ran into bidding wars (2019-2020) and had to pay over asking. One just sold that same home in April and the value of the home had gone up significantly plus they sold for over asking, so the market there played in their favor. The youngest bought a home last year at 22 years of age (on his own - no help from us). He's in the same small city we are in and cost of living here is lower. You can get a LOT more house for the money here than many other places in our state not to mention around the country. The oldest son and his wife have overcome some early adulthood bad financial decisions but for now have prioritized her being home with their babies over home ownership.

Check if your state has a "transfer on death" deed. I went to my county courthouse to file the paperwork, after filling it out and having it notarized. My house will automatically become my 2 kids property upon my death. They just have to go to the courthouse with the death certificate. No will or probate required for this.