R E A L E S TAT E W AT C H
Helping Your Kids Buy A Home
A
common theme I hear among Poway parents is the concern that their kids will never be able to afford to buy a home here. Although this is an exaggeration, it is a valid concern, as home prices have continued to increase, and salaries have not kept up. With that in mind, many parents are considering options for how they can help their adult children in this big step. Luckily, there are many ways a parent can help, but financial resources, planning, and careful consideration of all factors are all necessary to make this a reality. The first way to help your child purchase a home is to plan ahead. Teach your kids about the value of outstanding credit, and help them to achieve it. This can be done by adding them to your credit card as an authorized user early on. The longer they can show they have credit, the better their own scores will be. Further, if your credit is stellar, theirs will reflect it. You can also add your child to your savings account, which will show as additional reserves they can tap into to make a payment, should
they lose their income. This needs to be done several months before applying for the loan, so planning ahead is critical. A second way you can help is by assisting with the down payment. Although the magic 20% down is not required to get a loan, it does help by eliminating additional fees to the monthly payments, allowing the borrower to afford more home. For many loan options, a parent may gift a down payment to their child. Be aware, however, that you may be required to pay taxes on this gift, and you will probably have to sign a letter for the lender stating that this is not a loan, and does not need to be paid back. Finally, you can be a co-borrower on the loan. This means you can be financially responsible for making the monthly mortgage payments, should your son or daughter fail to do so; however, unlike
ADDRESS
13742 Mckenzie Avenue
R E C E N T S A L E S AC T I V I T Y F O R T H E M OST C OM PR EHENSI VE LIST OF PR OPERTI ES SOLD WI THIN THE L AST S EVER AL YEAR S, VI SI T 92 0 64 MAGA ZINE.COM Information is compiled from a variety of databases and published by Susco Media Inc. for entertainment purposes only. Reproduction is strictly prohibited. Sales statistics are not affiliated with or provided by any participating advertiser or real estate professional contained in this publication. Properties contained in this list and online were sold by a variety of real estate brokers. Information considered reliable, but not guaranteed. Please check with a licensed real estate professional for more information. Not all sales are listed.
by CYNTHIA ELIZONDO
co-signing, you own part of the property, making this a much better option. If you have a reliable income, excellent credit, and additional assets, this option makes the loan approval far more likely. Each of these tips can have serious repercussions, both positive and negative, so be sure to contact a financial advisor or accountant before making any large financial decisions. In addition, have a serious discussion with your kids, to make sure they understand and are ready for the financial burdens as well as joys of homeownership. When you have a plan in place, be sure to contact a Realtor to help with the search and negotiation. There is too much at stake to take any chances.
CYNTHIA ELIZONDO CalDRE #: 01924853
Halcyon Real Estate Services
858-353-1638 www.CynthiaElizondo.com
BEDS BATHS EST SF
4
2
13942 Olive Crest Way
3
13747 Eisenhower Avenue
4
14157 Ezra Lane
3
11904 Allbrook Drive
3
12445 Robison Boulevard 12677 Oak Knoll Road 12256 Old Stone Road 12882 Francine Terrace
PRICE
ADDRESS
BEDS BATHS EST SF
PRICE
1,961
$660,000
12831 Stone Canyon Road
2
1,344
$665,000
3
2,412
$665,000
2
1,785
$672,500
14341 Range Park Road
2
1,684
$675,000
15330 Markar Road
5
3
2,329
$679,000
15341 Via Molinero
4
3
3,190
$1,015,000
4
3
1,914
$680,000
15973 Crown Valley Road
4
5
2,905
$1,075,000
3
3
2,330
$685,000
13711 Vista Poniente
4
4
3,184
$1,080,000
3
2
1,529
$690,000
15686 Summer Sage Road
5
3
2,967
$1,100,000
12858 Rios Road
3
2
1,421
$710,500
15686 Summer Sage Road
5
3
2,967
$1,100,000
13102 Decant Drive
4
2
2,156
$730,000
15476 Markar Road
4
4
3,415
$1,120,000
12476 Whispering Tree Lane
4
2
1,695
$732,900
16558 Corte Paulina
4
3
3,076
$1,145,000
14127 Tricia Street
4
2
1,935
$740,000
16876 Saint James Drive
4
3
3,026
$1,175,000
14136 Mazatlan Court
4
2
1,935
$740,000
16274 Country Day Road
4
3
3,320
$1,260,000
14135 Segundo Court
4
2
1,799
$745,000
18116 Old Coach Road
4
4
3,568
$1,350,000
13327 Cicero Way
4
3
2,000
$755,000
11736 Treadwell
4
4
3,316
$1,370,000
14616 Acton Court
4
2
2,076
$760,000
14044 Iris Lane
5
5
3,780
$1,385,000
14627 Jeff Park Lane
4
3
1,848
$775,000
12143 Travertine Court
4
4
3,316
$1,418,000
13365 Twin Circle Court
3
2
1,936
$785,000
15643 Boulder Ridge Lane
7
6
7,370
$1,429,500
12856 Oakfield Way
4
2
1,971
$795,000
15480 Markar Road
4
3
2,600
$1,430,000
12742 Triumph Drive
3
2
1,957
$800,000
14341 Twisted Branch
4
4
3,746
$1,450,000
15732 Hidden Valley Drive
5
3
2,949
$825,000
14060 Iris Lane
4
6
4,266
$1,595,000
14705 Deerwood Street
4
2
2,238
$847,000
15410 Harrow Lane
4
5
4,223
$1,600,000
12815 Indian Trail Road
4
2
2,437
$849,000
14369 Horizon Court
4
6
5,474
$1,830,000
13702 Somerset Road
4
3
2,236
$850,000
14755 Valleyview Road
4
4
4,951
$1,950,000
14283 Woodcreek Road
4
3
2,483
$857,000
15664 El Camino Entrada
6
6
8,083
$2,700,000
14565 Budwin Lane
4
2
2,171
$865,000
Visit www.92064magazine.com for a complete list of homes sold in 92064.
38 • 92064 MAGAZINE.COM • February | March 2020
4
3
2,370
$879,610
13242 Edina Way
3
3
2,308
$885,000
14351 Crestwood Avenue
4
3
2,573
$900,000
4
2
2,554
$915,000
5
5
4,108
$927,000
