Throughout the ages of home buying, coming up with the initial down payment for the purchase has always been difficult particularly for first time home buyers. The first time buyer is extremely important to the cycle of home sales, and anything that can be done to help them is a welcome step.

Parents to the rescue

Quite often when that help is needed, it’s the parents who step in.

Sometimes it’s a loan, sometimes it’s a gift, either way Mom and Dad come through with an offer to help with a down payment. Without this help, Junior may never be able to purchase that home, so any amount of support is happily welcomed and appreciated. Really appreciated!

Once the financials are in place, now comes the hunt for the perfect house and the offer that hopefully follows. This is where the best of well meaning intentions can turn into a mess. Dad has bought houses before, his buddy knows trades people, and Uncle Steve once built a place. Between all of the supposed experts, they are going to make sure that everything is going to be absolutely perfect for Junior. But can they?

Are they impartial? Do they know older homes or just new construction which may have used machinery which you can browse around here? Do they know the new building codes, real estate laws, or even know what they are doing? Or are they just trying their best to help?

There is a whole industry of professionals to draw from when it comes to financing, sales, legal matters, inspection and repairs. This is what these real experts do all day and everyday. And with this expertise, these professionals bring a level of emotional detachment and reasoning that can help prevent the collapse of a purchase contract over something not being “perfect”.

Is there such thing as the “perfect” home?

I have yet to see one.

But Dad wants Junior to have that perfect home. Will he find it? If he can…he’d better buy it NOW. Reality dictates that there will have to be a compromise somewhere, whether it be with the features, age, quality of finish, location, price, or any combination of these.

With the idea of finding the perfect home on their minds, parents will often guide Junior away from many suitable homes simply because they are trying to help too much. They lose sight of what the original intention was: To buy Junior a first home.

Parents get caught up on a problem or repair, and decide it is an immovable object and must walk away. Dad is not going to let Junior buy that “disaster”. Quite often, the issue actually is minor and could be easy to work around or repair….or wasn’t even a problem in the first place!

Chances are a home purchase doesn’t happen, or a large compromise is made in the future, just to finally buy something…anything, and Junior loses out on much better homes that could have been purchased sooner and cheaper.

If help with a down payment has been offered, that is wonderful. Accept the help, thank them, then go seek professional advice and help. Let the home buying experience be the fun adventure it is!

If you’re ready to make that first home purchase, call me. As your Realtor I’ll be happy to help you through the process, keeping your highest priorities top of mind and bringing in the right professionals to advise at each step along the way.