Real Estate Transactions Run in the Family
Everyone complains that the rich get richer while the rest of us work our whole lives for little or no reward. If you have not thought about this for a while, it speaks well of your financial situation, your ability to be content with what you have, or both. It is easier to feel content with your financial situation if you own your own home; in fact, home ownership is virtually synonymous with financial stability. Among the most common reasons that people aspire to buy their first house is the desire to build generational wealth for their families. Your children are likely to need your help with their first real estate purchase. A generation ago, policies and economic conditions combined to make first time home ownership accessible to large numbers of people, but that world no longer exists. Even if your young adult children have been consistently employed since they graduated from college, the purchase of a house or condo is likely to be out of their reach for years to come. If you are planning to help your children purchase their first home, contact a Washington, D.C. real estate lawyer.
The Role of the Real Estate Market in Building Generational Wealth
Some journalists flippantly describe homeowners as “nepo babies,” while others claim that the state of the housing market at the time when you first endeavor to buy a house can determine the financial situation of your family for years to come. This means that, today, it is hard for anyone to come up with a big enough down payment for a mortgage they can afford or qualify for. Parents who already own their homes are the obvious choice for a source of funds to add to the down payment. Your own parents will not hold it against you that you have never owned a house before, and they are unlikely to make you pay back the money at all, much less with interest. Journalists may complain about the Baby Boomer dads who visit open houses with prospective homebuyers, but they are just jealous.
If Buying Real Estate Is a Family Affair, Then Why Do You Need a Lawyer?
Of all the factors involved in the current chaotic state of the real estate market, one of them is a court decision signaling a change in the way that real estate agents receive their commissions. This means that your children could face yet another financial hurdle when it comes to first time home ownership. It is possible to buy or sell a house without hiring a real estate agent; you have probably seen signs saying “for sale by owner” in front of houses before. Navigating the real estate market on your own is a challenge, though; it is simpler and less expensive to work with a real estate lawyer.
Contact Tobin O’Connor Ewing About Family Real Estate Matters
A Washington, D.C. real estate attorney can help you think through the decisions and plans necessary for helping your children make their first real estate purchase. Contact Tobin, O’Connor, and Ewing in Washington, D.C. or call 202-362-5900.
Source:
ca.finance.yahoo.com/news/nepo-housing-market-more-third-170559313.html
