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Your child may have just graduated or is perhaps heading to college, they could be moving out or they may have gotten a new job. They may even choose to pursue further academic interests for a period of time. It could be your child’s twenty-fifth birthday or engagement, wedding or even their first anniversary. All these occasions call for a gift.
You would have a preference as a parent, your child may have a certain preference and then circumstances will have certain edicts. If not edicts, there will be influencing factors. You would be confined to a few choices depending on what you can buy or how much you can afford to spend, what your child may need or what would make for an appropriate gift. There is nothing that will always be ideal. Circumstances, personal preferences and affordability will always make certain gifts viable and some gifts unassailable.
While you explore the various options at your disposal, think of a cash gift for your child. Many parents just hand over some cash to their kids as they grow up and the kids buy their own presents or they simply spend the money on some experience. Some smart kids save the money and spend it when they absolutely have to. When you offer a cash gift to your grownup child, it shouldn’t be pocket money or allowance or just some gift money. It should be a cash gift to buy a home.
Sooner or later after moving out, getting a new job, getting married or while expecting their first child, your children will want to buy a home at some stage. Very few people in their twenties will manage to save up enough money to spend on the down payment. Many people are capable of paying the instalments of the mortgage but the down payment is the problem. The down payment can be put together by the parents as a cash gift to purchase a home, immediately or later.
It is possible that the cash gift is substantial and that alone would pay for the down payment. It is likely that the cash gift would make up for a part of the down payment, which works just as well. You may also opt for a cash gift in the form of an investment such as a fund which you would keep adding to for some time or till a particular amount is reached and then the child can use it to buy a home.
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