Buying your adult kid a house or helping them buy one

My house is 3400 sq feet. Prob 2800 on floor 1 and 600 on floor 2. - just a bonus room.

I think we paid $10-12k for both units at Costco two or three years ago. They are Lennox. And we got a 10% gift card. Don’t know if they’re the cheapest but I do know any issues and Costco would be all over them.

We are in an old house with hot water gas radiators. We can’t do traditional central air.

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Ahhhhh. Didn’t know about that. I just assume all are the same. Makes sense.

I double-checked—we just paid under $20k and they paid under $40k. We have tiny 1200 sq ft house and they have larger 2 story house with 4 kitchens and it can be subdivided into multiple living units. They hsve a loved one renting downstairs unit and have a downstairs studio they can use for visitors.

Not much comfort when Zillow just took a bath on their attempt to buy and sell houses themselves based on their own valuation estimates:

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Sure you can…you could do mini splits…or you could have ductwork run.

Our very good friends with a VERY old house did mini splits. I think they have three in total.

I don’t want to worry about my adult kid’s expensive purchase with his wife last November in DC. It was lots of money but I assumed they figured it out before purchasing. It’s not my business since they did not ask for or expect money from us. We gave them money for a mattress in their guest room which they needed after they closed on the house ! And gave them money earlier in the year for their wedding!

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We have something called “space paK”.

What is that?

PM’d you!

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We have an old home as does our niece. We all put in min-spite and no ductwork needed. It was completed mostly in 1 day but they pressure-tested overnight and made corrections and adjustments the 2nd day. Age of the home doesn’t affect its ability to have ductless split A/C installed.

Our house turns 100 years old this year. Gas radiators with central air only on the upper floors. We had central air with ductwork on the first floor for years but got rid of it when our crawlspace flooded a few years ago during a weather/flooding event. Ductwork
and insulation under a house is not a good fit for a flood prone area. We use window air conditioning on the first floor now but have looked into mini splits.

I think we need a separate thread in AC types, costs, etc.

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I looked at both listings on Movoto.com - the first home the estimate was also a drop ($1,240,000 versus Zillow $1.234,400), so Movoto drop from when purchased -$118,600. One photo has lighter tan exterior, and a google photo has dark brown exterior. The 2nd home has Movoto estimate as +$2K from purchase.

To me, one has to be quite astute with a home purchase – IDK if anyone recognized that there were going to be these massive tech job layoffs/downsizing.

A neighbor’s son just purchased a home in our area (on his own), moving here after living in Oregon for 7 years (working for Nike). He has a remote job (IDK if another company). He closes in a week - he secured a 6.5% 30 year mortgage and had 75 days to close with keeping this interest rate. Demand has gone down quite a bit - less competition on a desirable home.

Our D and SIL will close on their house in ~ 3 weeks. In Seattle proper. Interest rate under 6%. It appraised for the asking price. It’s in an ok area and it’s a good house. Older rambler, small, small lot, but perfect for them and their pets. Best of all, it isn’t a townhouse or a condo. Just a simple place in a middle-class neighborhood.

It was completely remodeled last year and everything is new inside - electrical, plumbing, kitchen, bath, walls, everything. The inspector was impressed with the quality of the redo. It was on the market for around 90 days with one rejected offer.

We are able to help with the down payment and couldn’t be happier to do so. We know enough about the market and housing to be sure that it will retain its value, if not increase.

It’s not a $M house and they aren’t paying anything close to that.

Now, our neighbor moved from her home in 2020. One of her sons did a huge remodel. It is a typical 1970s split, but now completely updated. Some of what he did wasn’t what we’d do, but it was appealing enough to sell for over $1.3M with multiple offers. Home was originally sold in 1973 for around $35K. That original owner will live in luxury for the rest of her days (she really deserves it). Zillow says the value is around $80k less, but :woman_shrugging:t2:. Just north of Seattle, good schools, light rail station will be 1/2 mile away. It will be interesting over the next few years WRT home prices in our area.

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Well said! I think it’s nice to be able to do it, but it’s not an obligation.

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I’m in San Diego so one of the markets they are saying could “crash.” We had dinner with friends Friday night and she is a realtor and we asked how things are here. She said one of the big issues is that there still is not a lot of inventory in certain price ranges so houses are not losing their value. Our area also had some crazy prices for a 1,400 square foot townhome. There was one in our complex that went for almost $1.3 million.

We’re in San Diego on a 9000 sq ft lot with a pool, no view. House is fine but nothing is updated. We’ve been here almost eight years, buying early 2015 when prices were rising fast. Redfin has us 95% over purchase price, and Zillow 82% higher. We were more than double purchase price for a while. Young people cannot afford to live anywhere near us except maybe small condos.

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I’m dubious too. North of Totem Lake would be Kingsgate and vicinity, no? I like watching for-sale homes in Bothell and Juanita, and I wasn’t seeing those prices for older, 1500-square-foot homes that weren’t updated. Maybe the poster lost control in a bidding war.

Oops, responded before reading the rest of the thread. Seeing the home listing, I still think they way overpaid.

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I am on FB with a gal that is a realtor and she also has upgraded and sold her place that was in a very desirable high cost area in CA, to be where she ideally has wanted to be. She did this about a year or so ago – it was a townhome, but end unit – and she had very nice outside areas with the extra land/nicely landscaped and ‘mature’ so it looked terrific. The unit next to her was also for sale but a much lower price due to little upgrades - and from the pictures I could see why. She sold at what she wanted, and it went fairly quickly – I believe multiple bids and above asking.

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