Is it Wise to Make Real Estate Decisions With Your Parents?

by Erin Fernschild 10/06/2019

There are both younger and older Millennials today willing to purchase a home but want a realtor to guide them through the process due to a couple of mistakes they are afraid of committing. The most surprising thing about how Millennials buy homes is that they want a realtor to guide them through the process, because everyone, buyers as well as sellers, wants to make the right financial decisions, to avoid real estate regret and unnecessary pressure from high market conditions. 

However, what can Millennials do to avoid real estate regret? Although most people could think of driving around the area all day to get an idea of what the market is like, it is essential to get advice from someone with some experience and your interest in mind to help you avoid future complaints and nagging. As a result, many make such big decisions with their parents:

Parents have experience

With the interest of mortgage rates going higher and home prices increasing altogether. Parents could come in rescue with financial assistance and thus, try to have a share of buying decisions from the location of such property to the pricing and size.

Most times, your parents’ perspective on decision-making might seem different from yours, or you could perceive it to be biased and no relation to your situation and taste. Irrespective of this, endeavor to heed to their advice as it turns out in most times to be a wise approach.

Listen when they point out to you that the property might be overpriced

You could find a property and think it is the perfect one for you. They could be in an expensive area with multiple school districts, or have a lower level of crime rate due to tight security. They might be energy-efficient during the winter and so would save you money monthly. As a result of these advantages, you might think all these concessions are worth paying more without further negotiation. With your parents by your side with more experience, they can spot a problem or fault with the same property you're looking at and help you to use it as a bargaining chip.

Conversing openly with your parents on topics like real estate plans, money, and wills may seem difficult and awkward to you. But it will be wise of you to do so as real estate comes with a lot of different options and problems. Whatever the case may be, prepare yourself and start talking to them when making such a decision to support and guide you through. 

If your parents are part of your real estate decision-making process, make certain to introduce them to your real estate agent so that you're all on the same page.

About the Author
Author

Erin Fernschild

 With an undergraduate degree in International Marketing from William Paterson University, and a wealth of business experience, Erin brings a unique set of knowledge and skills to both buyers and sellers. From helping buyers purchase their perfect home to maximizing a seller’s return, Erin combines drive, creativity, and attention to detail to ensure that each transaction is a success.

In 2016, Erin obtained her real estate license and joined the RealtyQuest team at Kinard Realty Group. Prior to joining Kinard Realty Group, Erin enjoyed a successful career in finance at powerhouse companies including Deutsche Bank, Bear Stearns, and Credit Suisse. In a variety of sales and marketing roles at those companies, she handled a broad range of responsibilities, including business development, new product development, and marketing for these businesses and products.

She is a great listener and communicator and knows how to tailor each transaction with the least amount of difficulties to fully meet her clients’ needs. She is a natural people person who will work tirelessly on her client’s behalf.

A New York City transplant, Erin loves everything about Fairfield and New Haven County. She is warm and energetic, and her enthusiasm for this area is contagious. Erin is also very active in the Stratford Community, serving as a Volunteer for St. James School, Stratford CT, Member of the Lordship Improvement Association, and Active Parishioner at Our Lady of Peace, Lordship CT.

When not working on real estate, Erin loves spending time with her husband and two young children and enjoys skiing, running, boating, Barre, Peloton, restaurants and friends.

Her friendly style, tenacity, and technological abilities provide her clients with a competitive edge in challenging markets.