In our area, 225k doesn't really get you anything nice. The wife and I talked about giving our daughter 50k as a down payment which would boost her price point to around 275k.
Another option would be to not 'give' her anything but to take an equity stake in a house of a certain percentage and then let her take a mortgage out on the rest. By doing this, I might feel better about purchasing a nicer more expensive house.
Has anyone done this and can comment on the good and the bad?
Also, the funds we would ultimately use are from our retirement portfolio (1.8mm). Since I am not 59.5 yet, I think my options are to use after tax funds or possibly w/d some of our Roth contributions. I did move some things around to start a house fund which would accumulate from cash flow at about 4k a month while she is looking.
The only pain we would feel is that we have been building up our after tax account, but cash flow could replace that quickly and the wife isn't interest in retiring any time soon. We have about 400k in tax free accounts and a 350k line of credit to use for a possible cash sale. No debt on the books.
Were just kicking ideas around now. Thoughts? Thanks.
Another option would be to not 'give' her anything but to take an equity stake in a house of a certain percentage and then let her take a mortgage out on the rest. By doing this, I might feel better about purchasing a nicer more expensive house.
Has anyone done this and can comment on the good and the bad?
Also, the funds we would ultimately use are from our retirement portfolio (1.8mm). Since I am not 59.5 yet, I think my options are to use after tax funds or possibly w/d some of our Roth contributions. I did move some things around to start a house fund which would accumulate from cash flow at about 4k a month while she is looking.
The only pain we would feel is that we have been building up our after tax account, but cash flow could replace that quickly and the wife isn't interest in retiring any time soon. We have about 400k in tax free accounts and a 350k line of credit to use for a possible cash sale. No debt on the books.
Were just kicking ideas around now. Thoughts? Thanks.
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