How to juggle family opinion when buying your first home
These days, many first time home buyers are juggling a lot more than their finances. They have to deal with the challenge of well-meaning, but unwanted opinion. Why? Real estate agents agree that with down payments and closing costs increasing, more than ever before, young adults look to their parents for financial help. — As, so does the need for financial assistance from family members. This leads to a greater involvement in the house-hunting process, and new home buyers soon discover that their family members bring along their own opinions in addition to their cash. But when the young buyers' dream home ideals clash with the older generations' vision, both parties must do a balancing act.
“Satisfying both tastes is key,” explains Claudine Montanoa real estate agent on W Network's reality series My House Your Money. “For young adults looking in the urban city, I stage the place to appeal with a modern contemporary look for the young professional—sleek and modern, bold and intense in terms of paint, furniture and décor.”
When extended family members come along, the presentation certainly changes. “To appeal to young adults and their parents, it has to feel modern, but traditional as well. The look is not as bold in terms of paint and décor, but has a more relaxed, cosy feel with softer furnishings throughout, so both age groups can connect with the space.”
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,” adds Montano.
When it comes down to it, winning this war is easier than imagined for the new home buyers, says fellow My House Your Money 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.”
Source: News Canada
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