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What do you do if your kids need help buying a home. What are the pitfalls of co-signing for your adult children and is it something you should or shouldn’t do. Please email your questions to firstname.lastname@example.org and we will answer your question on our next show.
CHMC is predicting that there is no end in sight to this current real estate boom that we are experiencing. Millennials, buyers between 25 and 35 years, are happy to just own something. Builders are making condos smaller and smaller and this younger demographic of buyers buy these smaller homes because they want instant results and homes that are move in ready. These smaller condos are just a stepping stone to their next property and allows then to experience home ownership. Friends buying homes with friends is becoming the norm as home ownership becomes out of reach for the single income household. Millennials want the lifestyle that there parents have and they are not very good savers. They drive nicer cars, go on vacations and don’t want to put the effort in to save for a down payment the way there parents did. Parents know that home ownership is how you start your life off in a good direction. When an adult child still lives at home and it is time to get out on their own, parents try to encourage them to purchase a home. The problem is that this generation are not good savers and the parents feel the need sometimes to help. Many millennials have school debt that they are also paying off and its cheap living at home. Living at home gives them the opportunity to pay off their school debt, travel and own a nice car. Some parents charge room and board but some don’t.
Should you co-sign for your adult children if the bank won’t approve them? Listen to The Hamilton Real Estate Show below for answers to this and many other questions.