By Rebecca Burstein
(NC)—When young home buyers come to family for financial help, purchasing property can turn into a tug-of-war.
“The dependency of the younger generation on their parents has increased in recent years,” says Mary Sblendorio, a real estate agent on the W Network reality series My House Your Money, a show that documents prospective home buyers that turn to their extended family members for financial help.
“In the past, parents have always tried to help their kids, if financially capable. Now, it seems the parents are expected to ‘help’ – more like ‘finance’ – their children’s dream homes. The rationale for children is that they have been accustomed to living a wealthy lifestyle and the thought of downsizing or downgrading is implausible.”
And since both parties have a say in the purchase, real estate agents are working harder to ensure properties appeal to varying age groups. As more parents accompany their adult children to viewings, homes must be strategically staged to please everyone involved. This boils all the way down to the paint colour on the walls.
Having been through the process previously, parents tend to be much more critical in home purchasing and are a bigger challenge to delight. “The young couple is usually more excited, and focus on the things on their wish list they are getting. In fact, they are excited to just purchase something they can call their own,” explains My House Your Money real estate agent Claudine Montano.
Mixing family and financing is never simple and when it’s a case of generational home buying, conflict is inevitable. The reality series, My House, Your Money on W Network chronicles the family dynamic that young home buyers are facing in the current market.
When it comes down to it, winning this war is easier than imagined for the new home buyers, says real estate agent, Helene Baguley. “Most parents or extended family members, even if they are providing the down payment, want to see their kids happy at all costs.”
Rebecca Burstein is a Toronto-based writer and editor, specializing in lifestyle content.