As young adults enter the housing market with limited funds, parents and grandparents are often footing the bill. When this happens, the would-be property owner isn’t incurring financial strain and isn’t considering the additional costs. There are several ways to help both parties out. Researching and understanding the location is crucial. Before agreeing to buy, consider the ease of travel, what taxes and bills could be expected, or how safe it is. Avoid being sucked in by perceived amenities that could carry their own additional fees. Research alternative options such as sharing a property with other tenants or leases that may be preferable to an outright purchase. Finally, don’t spend the money just because you have it and research to get the best value possible.
- Data suggests that first-time homebuying is a struggle for those under 30.
- More than half in the under thirties age bracket need help from older relations to make their first home a reality.
- Young adult homrbuyers often seek out culturally stimulating surroundings to live in. Yet, it’s wise to remind them their permanent home should be in a safe area with educational avenues.
“Understanding that a property purchase should be a long-term decision is vital.”