Is it a good idea or a bad idea to include your parents in your home buying process?
RealtyTimes recently wrote an article addressing juggling the complexities of buying your dream home, and keeping both your emotions and your parents' in check,
Whenever a buyer decides they are ready to take the plunge into home ownership Mom and Dad may want to weigh in on your decision. Sometimes your opinions vs. their opinions will collide and add frustration to the home search process. Mom and Dad typically will share how and when they bought their home and will probably think that housing today is just priced too high. More than likely Mom and Dad purchased their existing homes several years ago and they don't realize what the latest market value of homes are....especially new construction sq ft prices! This is when it's important to listen to the advice of a Lake Charles real estate professional
Its easy to Search ALL Lake Charles Homes for Sale and share listings with your parents.
Many times after I have shown a prospective home buyer a property and the buyer will request a second viewing in order to show Mom and/or Dad the house they are considering purchasing. Sometimes the buyer elects to enter into contract and during the loan process Mom and Dad help with a "gift letter" which is a contribution they donate to the buyer for the buyer's down payment and/or closing costs. I have been on the flip side myself as a parent with my own son buying his first home.
Here are 5 Realities about parental input wanted or otherwise to keep in mind when buying: Item #5 is my favorite!
#1. Friends who told you they went solo lied If your friends have parents, the parents chipped in suggestions, warnings, and maybe cash or connections. Whether this was helpful or not, your friends want to be seen as confident grown-up buyers, so you'll probably never know what really happened during the buy. Understand that savvy buyers want to gather all the "if only we'd known" insights they can from friends and family before signing on the dotted line.
#2. If you listen, you'll learn You may have lived in the family home most if not all of your life, but you probably know little about the problems and solutions your parents have lived through. Ask them to give you a tour of the house and property pointing out the problems, so you get a feel for what to look for when you tour listings. Take notes as practice for keeping track of the differences between the 3 or 53 properties you'll view and as a signal to your parents that you're listening, so you'll not need to be continually reminded. Having shared their experiences, your parents will feel they have contributed. They can now relax and back off. You'll be better prepared than most of your friends were when they started their search.
#3. If money's involved, learn the terms before you need the dough. Parents are often generous enough to contribute funds for the downpayment and other expenses, but find out before you start viewing homes what their terms will be. Will they merely want to see the property or will they expect to have veto rights on your choice? Who else will they want to show the home to? Uncle Bill the electrician? Cousin Joan the banker? Understand expectations - yours and theirs - from the start to avoid delay when you've found the dream home.
#4. It's who you know that can make the difference. Your parents may have close, real-estate-savvy friends who will go out of their way to help you. Acquaintances or less-than-the-best connections may hold you back. It's up to you to discover who's who. Take time to learn how professional knowledge and experience can benefit you as you build your buying support team. You'll then make good decisions, not guilt-driven choices, regarding whom to place your - not your parents' - trust in.
#5. Even the most knowledgeable parents can't know all that a real estate professional knows. If you're close to your parents, you might decide to involve them in your search for professional support; however, the final choice should be a professional who suits your needs and compliments your style, not your parents. One much-appreciated service is the real estate professional's expertise in simultaneously involving and detaching parental input. With the professional present at family meetings, your real estate interests and intentions will be heard by your parents. The professional buffer makes even the most emotional transactions survivable. Just let the real estate professional know exactly what your parents' and your own expectations are. If you're not sure, the professional can't be.
I welcome the opportunity to work with first time Lake Charles home buyer's and will gladly answer any questions a buyer may have during a real estate transaction. Contact Marilyn Boudreaux Century 21 Mike D Bono 337-499-9592