According to SANDICOR MLS, the median home price in San Diego County is $517,000 and depending on the rate and down payment, the payment can be around $2,148/month. A condo is $348,500 with a payment around $1,632/month including HOA fees.
Can your kids afford to own a home nearby? At what age will they be able to purchase a property? Will they need to purchase an affordable home in Wahoo, Nebraska?
The answer is yes, they can buy a home in San Diego County.
Here’s how they can do it:
With a little help from my parents.
There are many good reasons for a parent to help a child to purchase a home. Parental assistance can help a child to “settle down faster than he or she might be able to on his or her own,” explains David Weliver, the publisher of www. MoneyUnder30.com.
According to http://www.motageloan.com “Refinance your home, let your kids buy your home for the difference and assume the debt. You now have cash equity from the home to purchase another one, they didn’t have to qualify and they have a home. You need to get the lender’s permission to do this.”
Purchase a property for them when they are young and rent it out. The rental payments will reduce the debt owed and have built up 22 years’ worth of equity when they graduate college
With a little help from my friends
Co-op purchasing. I purchased my first property in my early 20’s with my buddy Lorenz Stacks. Find a few friends and go in on a purchase with them. This is a fabulous way to combine assets and resources to afford a down payment.
Have the seller participate by carrying back a loan. Although hard to find, this is a nice way to save financing fees and can be easier to qualify.
So don’t dismay. With a little help, your kids you can afford to purchase a property in San Diego County.
Image courtesy of James Barker at FreeDigitalPhotos.net