When you decide to buy a house, you’ll find a lot of people with opinions. Opinions on prices. Opinions on neighborhoods. Opinions on condition. Friends and family and home purchases can be a great combination or they can be the source of a lot of friction. Here’s our advice.
Combining Friends and Home Purchases
If you’ve got that best friend that knows you well, knows your tastes, knows your capabilities and limitations when it comes to home improvements and repairs, by all means, involve them in your purchase. They can be a fantastic support system during the buying process. They can keep you from going off the rails over little things that don’t matter, hold your hand when the lender asks for document #472, and support your decision to be a homeowner.
If you’ve got that best friend that leans to the negative side, maybe they aren’t the best person to choose to walk this path with you. Only you can decide.
Combining Family and Home Purchases
We know that parents only want to protect their children, but when you’re old enough to buy a house, you are also old enough to make that decision for yourself. We’ve seen so many dads, uncles, PawPaws, moms, sisters, and assorted cousins talk a first-time buyer or a single home buyer out of a great house. Maybe it was that they haven’t bought a home in 30 years and have no idea what the market is like. Maybe it was an unjustified concern that the buyer was getting in over their head. Maybe they just aren’t ready to believe that their family member is a grown-up.
Whatever the case, if you’re going to involve the family in your home purchase, then it’s important to set some boundaries with them. Make sure they can be constructive with their advice and information. This can be tough if a family member is contributing to your down payment funds because they feel like they have a say in how their money is spent.
If you need validation of your choices, choose one person, either a friend or family, to accompany you on your home tours and during inspections. Your agent will absolutely be there to hold your hand, but we know that it’s not the same as someone that’s known you all or most of your life.