Would You Help Or Hinder Your Children On The Property Ladder?

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Parenthood involves many difficult decisions. From the moment they’re born, you have a significant influence on their lives. You choose their school, their hometown, and even their first outfits. And, instead of getting easier as they grow, these decisions become more complicated. Before you know it, they’ll be old enough to move out. Then, you’ll have to face the hardest decision of all: can you help them do it? Let’s be honest; the only realistic chance the younger generation have of home ownership is if they get help. And, what parent doesn’t want to see their kids in a home of their own one day? It may seem like a no-brainer, but that’s far from the case. This is an area fraught with questions, and it’s crucial you consider them all before you proceed. Here are a few worth thinking about.

Could you do the same for all your children?

Any parent who treats their kids knows the importance of getting something for everyone. The majority of us even have to go to the extreme of ensuring everyone’s treats cost the same amount. These things matter to children! Before you entertain the idea of buying any of their first homes, you need to know you can do the same for each. This is obviously easier if you only have two kids. But, if you have four or more, things could get impossible. Who could realistically pay for four additional homes, as well as their own? Work out your finances and ensure that you could help everyone. If not, you may have to give up on the idea before you’ve even started. It’s a horrible reality, but it’s not a mistake you can make. Let’s be fair; it wouldn’t be pleasant for anyone involved if only one or two of your kids got a home. It would be awkward for you, and heartbreaking for your children. Plus, it could cause unpleasant family divides.

One way around the problem may be to compromise. Instead of buying them each a house, you could take a look at apartment prices. It may not be what you had in mind, but an apartment would at least get your kids on the property ladder. Or, maybe you can afford to pay each of their deposits, but not the whole amount. There’s nothing wrong with that. It’s often the deposit that young people struggle with most. These are just a few of the ways you can do your bit, but still keep things fair.

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Would you be able to remain objective?

Another thing to consider before offering is whether you could remain objective. If you have any suspicion that you’re offering to pay so that you can keep some control over them moving out, you shouldn’t go ahead. Nothing is harder than the day they move, and it makes sense that you’d want some say about where they go. But, that wouldn’t be fair. This is their leap of independence, and you need to support them in that. There’s nothing wrong with offering advice or going along for viewings, but the final decisions should always fall on them. And, you should never threaten to withdraw your support if they pick a house you don’t love.
It’s also important to note that you shouldn’t see the house as ‘yours.’ Again, if you think you’d fall into that trap, you shouldn’t proceed. This isn’t a loan or a house of yours that they’re living in. You’ll be giving them the money, and you need to accept that the house is theirs. To make it official, let them sign their names on any documentation. That will remove your urge to get involved if anything happens!

Do they want your help?

This may seem a strange one, but it’s as important to consider as those other points. Ask yourself whether your child wants your help. Obviously, they’ll want a home, but letting someone else pay isn’t an option some people would consider. Think about how the child in question accepts your money in other situations. Do they fight against anything you try to give them? Do they prefer to pay their way? If yes, it may be best not to broach the subject. Having to refuse such a kind offer will embarrass them. If you want to provide this for all your other children, you may want to broach the subject to avoid jealousy. Find a way to let them know that offer’s on the table without making them feel bad.