As an experienced Gen X agent, I’ve worked with many parent clients helping their boomerang Gen Y/Gen Z child (roughly those born between 1981-2012) purchase their first home. Having returned home to get on their feet these adult kids age 20-35 are finally ready to spread their wings and leave.
As a Gen Xer, I too helped my fair share of Gen Y/Z through the process – so I understand the mix of pride and anxiety.
Here’s are a couple of tips on supporting your young buyer while letting them lead the journey:
Share Your Expertise
You’ve bought homes before, so your millennial appreciates your insights(even if they won’t admit it) about setting a budget, looking at market trends, understanding some of the jargon and more. Discuss your past experiences openly, let them know if you made some mistakes along the way. Make recommendations but remember, this is their ball game.
Stress Financial Accountability
With more debt and economic instability than previous generations, Gen Y/Z benefits from sound money advice. Make sure they meet with a reputable lender that is going to help them understand all that is involved. Be sure they enter homeownership with eyes wide open. Help them be realistic in their goals and understand the true costs so they are not blindsided later.
Gift a Home Inspection
Once your kid has set their sights on “The One,” surprise them by funding a professional inspection. This keeps you involved and shows commitment without taking control. Empower, don’t hinder.
Stay in Your Lane
As tempting as it is to step in and take charge, please don’t. Refrain from “telling” them what they should do. Allow your millennial/Gen Z to own the show. Give counsel, not commands.
You raised them right, you gave them the tools to make good decisions, now let them.
