In 2014 more home buyers than ever before are asking the question “should I buy a home with my parents?” Since the baby boomer population continues to age and many people want to have the ability to care for their parents as they grow older.
Buying a home with your parents can be a good idea but before you make take that big step you should follow these tips first.
Tip 1 – Agree On The Home You Want To Buy Together
Although it’s easy for couples or individuals to buy a home it gets a little more complicated when you purchase a home with your parents because you’re adding two more individuals with their own specific tastes into the mix.
Take the time to sit down with your parents and talk about the type of home you want to purchase including the ideal number of bedrooms, bathrooms, type of floor plan, neighborhood and parking since this will also give your Realtor enough information to know the exact home you are searching for.
There are also many new homes being built in Irvine and around Orange County, CA with multigenerational families in mind too that include separate housing units for each family.
Tip 2 – Talk About The Financial Commitment
As important as it is to discuss the specifics of the home you’re searching for it’s also equally important to talk with your parents about the financial commitment that both you and your parents can expect to pay for a home especially for the down payment.
Tip 3 – Discuss The Mortgage Payment
After everyone is on the same page about the financial commitment it will take to get into a home it’s also important to discuss the monthly mortgage payment because, it’s easy to fall in love with a home only to realize later on that you really can’t afford it.
Contact a mortgage lender or use an online mortgage calculator to get your estimated mortgage payment to make sure both you and your parents are ready for the commitment of making that payment each month.
To learn more about what to expect when buying a home with your parents or to view Orange County
Homes for Sale contact Fred Sed & Associates today by calling us at (949) 272-0125.