Who Told You It Was “unfair”?
A1:Who told you it was “unfair”?
It’s fairly common for parents who are in a position to do so to help their children buy a home, often in a form of a gift for the down payment or co-signing on the loan to help them qualify.
I helped my daughter buy her first condo and also co-signed on the loan for her. I was happy to do it and it was not a problem for anyone.
BTW: She bought this condo for $225,000 and sold it 5 years later and it’s now worth $823,000, located in Sausalito, CA just north of the Golden Gate Bridge.
A2:I’m not sure who considers it unfair unless it’s people whose parents do not help them buy a home or anything else. I was born in the 1950’s and was one of five children. Larger families were the norm then. I knew kids all through school who were only children and it always seemed that their clothes were a little nicer and later in high school I knew a few kids whose parents bought them brand new cars. I suppose there were a few whose parents either bought them houses outright or at least gave them the money for the down payment. Was I a bit jealous? Maybe a little, especially when Eddie showed up at school with a brand new 1970 Mustang Mach 1 with the 428 engine and 4 on the floor. Eddie was grounded shortly thereafter because he got 4 speeding tickets in 1 month. I pretty much had to work for any luxury extras I wanted from age 12 on and I’m glad it worked out that way.