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Wed 1 Jun, 2005 07:52 am
all my life, I have had my family take care of me. they provided everything that a kid ever wanted and took care of my needs. whether it be food, shelter, school fee's, anything, my parents took care of it. In fact, when I was 21, I got a brand new car.
now, my dad said that he is willing to buy me a house if I wanted to. He said that he can do the downpayment, and I will take care of the monthly payments.
I dont know what to say. My parents are immigrants and the money that they have earned and saved are not easy money. Most of it is from saving a lot in the previous years.
Having him to buy me a house with his hard earned money on me, it's hard to say yes right away.
the discussion came up when I said I wanted to move out, and my dad said that it is better to just invest in a house.....
what do I do guys? part of me says that my parents have a good idea in buying a house, but another part, I Just feel a bit wierd having them buy me a house....
Wow, very generous.
Are there any practical concerns you have beyond just not quite feeling right about it? Like, was this your parents' retirement fund, and you're worried they won't have enough money left over? Do you feel like by accepting this, you'd be beholden to do something you'd prefer not to -- support them in their old age, let them visit whenever they want, something like that?
If none of those things are true, no concerns except "wow that's a big gift" in and of itself, I think you can go ahead with it. Parents LIKE to help their kids. :-)
And I tend to agree with your dad that long-term, if you're going to be spending money on housing it is much more to your benefit to put the money into a house you own than to pay rent.
Obviously your parents want you to do well and are more than willing to help you.
Accept the house, make the payments on time, succeed in life and you will have more than paid them back.
But if you want to buy them a house later after you have succeeded beyond their wildest dreams, don't let them say no.
You can also decide on your own to pay them back for the down payment. Keep careful records and then suprise them someday with a nice sum plus interest.
Make sure you want to stay in one place for a while before you decide to buy a house (or have someone else buy you a house).
Make sure you can afford the monthly payment, the maintenance, the appliances, the decorating, the furniture, the gas, electricity, water, sewage, trash. (Groceries?)
If you take a boarder, make sure you check their credit. Make sure you know how you're going to divide the utility bills.
A house is a big responsibility, in addition to being a good investment. Make sure you're ready for it.
Would this gift come with invisible strings?
Are you ready to take on the chores that come with home ownership?
Are you ready to settle down in one place?
Who is the "us" in "my dad wants to buy us a house"?
A life partner?
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