Short on Cash For Downpayment? Bank of Mom and Dad

By
Real Estate Agent with HomeSmart Real Estate BR632450000

Are you short on cash for your down payment and thinking of Multi Generation Home with a Guest house? This is a great way to reunite families on a larger estate.  Check in with Mom and Dad, they may love the ideas of living in the casita yet being close to you and the grandkids.

 

Multi Generation Homes with a Guest House or Casita For Mom and/or Dad

Phoenix Metro Homes For Sale with Guest House or Casita (for full page view)

 

Also younger millenials and Generation Xers still want to buy their first home and maybe Mom and Dad are too young for a multi generation home.  How to pay for it? Well follow the yellow brick road. The first stop may be the Bank of Mom and Dad. 

 

See if Bank of Mom and Dad is still open? As a buyer, this could work and does work.

 

The Bank of Mom and Dad

Is there a lignt still on at the bank at 123 Maple Avenue where you grew up? Per Realtor.com article, one-third of buyers today are receiving down-payment help from family and friends. Plus, nearly a quarter of first-time buyers are moving directly from their family home into homeownership, skipping renting altogether. First time buyers are waiting to find the right property, and saving money by living at home and not paying rent. This wait can sometimes make the leap into homeownership more of an emotional move.

American Gothic Bank of Mom and Dad                          American Gothic by Grant Wood 1930- Also I can see Bank of Mom and Dad

 

The Bank of Mom and Dad may not be offering full house purchase loans, but some somewhat lenient Moms and Dads to offer free rent programs allowing younger home buyers to put away savings for the home purchase. Sometimes free food or use of the extra car can be negotiated by loving children. Sometimes, the RV parked in the yard, that Mom and Dad, use for vacations can be lived in as an alternative to the free rent program and living under the same roof especially for married children.

 

Why Bank of Mom and Dad May Not Be Open?

Mom and Dad have life plans also, that may include their own retirement and loss of the steady income they have enjoyed in the past when raising their families. Going onto fixed income changes things especially when the desire to travel and see the country or world on their life long savings comes into play.

 

Parents may have to continue the education experience of teaching their children on taking their next steps to purchase a home.

 

Mom and Dad Should Consider This:

1. Openly communicate with your children about your retirement goals and set boundaries for financial support.

2. When gifting to your children, discuss generational differences in values and instill good financial habits.

3. Take care of your finances first before supporting others.

 

Alternatives to Bank of Mom and Dad

There are other ways to buy a home through saving and financial planning (Tip: Get a job and cut back on Starbucks)

 

If the Bank of Mom and Dad is closed temporarily or for good, start preparing for a down payment and saving for your own home. Talking to a financial planner is a good idea.

  

Kids not ready to move out? Let them live in an RV home on your property

As discussed earlier this is a real option. Many Moms and Dads are thinking of exploring the country and need a home for themselves and a place to park their beautiful motor home.

Motor Home Masich

 

 

 

 

   

RV Garage Homes and Man Caves are Me!

Here are homes for sale in Arizona with an RV garage or large workshop

 

Ready to Buy a home now with or without the help from the Bank of Mom and Dad?

 

To learn more about Arizona Homes and Land for sale

 

Nearby Scottsdale, Arizona is also in the Phoenix metro area and is ranked as one of the top 10 cities to live, "foodie" cities and safest cities in the US by independent national studies! To learn more about single family Detached homes for sale in Scottsdale with pictures, prices and maps. 

                 

  Information about living and buying a home in Phoenix metro area and Scottsdale

 

Meet Jeff Masich, REALTOR® 

  Ask Jeffrey Masich, REALTOR® to get started with multi generation homes for sale

  

Are you thinking of moving to Scottsdale or the great desert southwest? If so, check out homes for sale in Scottsdale

 

If you are looking to move to Arizona or Scottsdale and looking to buy a home in Arizona or sell a home in Arizona, contact Jeffrey Masich, Associate Broker and Realtor. As a specialty, I am the KING of HOMES FOR SALE with RV GARAGE or RV GATE. I would be pleased to help you and look out for your best interests while finding you the right home at the right price!

 

Posted by

Jeffrey Masich, Associate Broker, REALTOR®, MBA, GRI, BS Accounting

HomeSmart

Scottsdale, Arizona

JeffMasich@ArizonaHomesLand.com

http://ArizonaHomesLand.com

480-242-6500

 

 

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Topic:
Home Buying
Location:
Arizona Maricopa County
Tags:
free mls
bank of mom and dad
guest house homes phoenix
jeff masich
multi generation homes arizona
parent home loans
parent backed mortgages
borrowing home loan parents
mom and dad home loans
casita homes phoenix
parent cosign mortgages

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Rainmaker
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Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

I am sure that this is a situation that Debb Janes EcoBroker and Bernie Stea JD  run into frequently in their practice with this niche.

Oct 16, 2019 12:46 AM #1
Ambassador
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

We love the fact that families choose to live together. The financial aspect is just one of the many benefits, we find.  Generally, for most of our clients, the main reasons they share a roof is to spend time with one another and have that emotional  and physical support system 24/7.  

Oct 16, 2019 08:13 AM #2
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Rainmaker
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Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI

Arizona Homes and Land Group/ Buy or Sell
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