A child flying the nest is an incredibly exciting and proud moment for parents. However, the process of becoming a homeowner can be drawn-out and difficult, and stressful for all involved. Follow this guide for top tips on how to support a child in buying their first home.

Providing financial aid

We all know how hard it can be to save up enough money for a deposit on a property, especially if your child is already paying rent. As parents there are several ways that you can provide financial aid, and this additional money will speed up the buying process and open the door to better quality properties. The first and most straightforward way to assist financially is to gift money. Alternatively, you can lend your child funds under a loan agreement with a clear repayment plan.

If you are not in a position to part with a significant sum of money, there are still ways that you can provide financial support for your child. Consider getting a joint mortgage with your child or looking into the option of a guarantor mortgage where you put up your capital as security. Whatever option you choose, be sure to properly assess your own finances so that you are not giving more than you can afford.

Identifying priorities

Another way that you can support a child in buying their first home is to help them in identifying priorities. As an experienced homeowner, you will be able to enlighten your child on what are dealbreakers vs things that are nice to have but not essential.

For example, you should stress that the neighbourhood is a key consideration, not just in terms of transport links but also in terms of safety. Another priority that should not be overlooked is living costs. Encourage your child to look at the EPC rating of their potential property and help them to calculate the estimated monthly bills. First-time buyers often find new build homes in the area to be a fantastic option as these properties are energy efficient and part of a development with a reassuring community feel.

Aspects that are important but are not essential include outdoor space and the way the house faces. Of course, your child’s unique situation will help to dictate what is vital and what is an additional benefit. 

Reviewing properties

As well as assisting with identifying priorities, you could also give advice with regards to reviewing properties. Outline the key things that your child should find out from the homeowner or agent who is showing the property, such as the age of the building, their relationship with the neighbours, and any maintenance issues.

Accompanying your child to their property viewings is even more effective as it gives you first-hand access to check for potential structural issues. In particular, look out for any signs of damp, and check the functionality of the plumbing by running taps, testing the shower, and flushing the toilet. You should also take time to calculate storage space and assess the quality of the furnishings and fittings. 

Giving emotional support

Last but certainly not least, giving emotional support is an essential part of guiding your child through the process of becoming a homeowner. Check in regularly with how they are feeling about the process, working through any concerns they may have, and advise where you can. You should also encourage your child to get specialist advice where needed, such as from a lawyer or surveyor.