I'm a single millennial. I saved up a significant downpayment of $200k but I find myself still struggling to afford a home in this market. My parents are offering to help me buy my first home with an additional $200k so buying something with a full cash offer for $400k or less. My parents created their own set of contingencies where I would handle all the bills and the property tax as I would be the main homeowner but if I decide to sell later on, we would split the entire home worth including the capital gains because they are allowing me to not pay them a mortgage essentially so I can live stress free. I think this sounds like a fantastic idea however, I wonder if I may be putting myself at a disadvantage in building true equity and wealth if I go this route. I also don't know how capital gain tax works if you're buying a home with your parents and if we qualify at a higher maximum limit for a total of 3 people as opposed to just me which would cap at 250k. Would really appreciate some input!
Submitted September 01, 2023 at 11:53PM by DearMathematician858 https://ift.tt/RNjZX8w
