This is actually more common than you think! Whether you’re hoping to receive a gift, or are working with your Real Estate Lawyer to set up a second mortgage in their name, asking for help can be awkward and intimidating. Here are 3 tips to help you with the process:
Asking your family for something last minute may not get you the outcome you are looking for. However, if you express your enthusiasm over purchasing a home over a long period of time, bring this up to your family and involve them in the house-hunting process, it will be less of a surprise to them!
Present Your Pitch
Your family is not likely to invest in you based solely on promises. If you can provide proof that you can afford the mortgage and that you have done your research to help you find the best home with their investment, you have a greater chance of securing assistance from them. When conducting your research, try to include appreciation values of homes in your area over the past 5 years. If your family can see the possible return on their investment, they may be more likely to invest in you.
Create A Contract
Giving someone a large sum of money is not something people take lightly, even if they are giving it to a trusted family member. If you can create a 5 year and 10-year plan to demonstrate to your family that you are planning for the future, they may feel more comfortable loosening up their purse strings. It will also be important to your family that you purchase a home that makes the most financial sense for them and for you. By creating and signing a contract with your family member(s) and a lawyer present, you are proving your commitment to following through with your 5 and 10-year plans.
Looking for a home that will make you and the family happy? I can help! Let’s set up a time to chat and we can get you started!