From the WSJ – an excerpt:
Boston condos for sale: Here’s a tip to obtain money for your down payment. Hitting your parents up for cash can be awkward. But sometimes the best money move is to just ask for help.
Take comfort that you aren’t the only one asking. About 68% of parents of adult children have made or are currently making a financial sacrifice to help their kids financially, according to a recent Bankrate survey. And 38% of home buyers under age 30 received help with the down payment from their parents, according to a survey this spring by Redfin.
Tax rules for gifts can be complicated, but unless it is a big gift, there is nothing for the giver to worry about. Recipients generally don’t owe income taxes on gifts.
An individual can give an unlimited number of people gifts up to $17,000 each for 2023 with no federal gift or estate-tax consequences. That jumps to $18,000 for 2024. Givers must report larger gifts on a federal gift-tax return, but there is no tax due until lifetime gifts exceed $12.92 million ($13.61 million for 2024).
Read the full article here:
Updated: Boston Real Estate Blog 2023
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Boston condos for sale: Here’s a tip to obtain money for your downpayment
You read that right! Boston First-time condo buyers across the country are getting creative when it comes to saving the necessary down payment to buy a home.
Many couples are asking their wedding guests to contribute to their “Down Payment Fund” rather than fulfilling a traditional registry. This is fueled by the fact that many couples live together prior to marriage and already have the necessary items to make a house a home…they just need to buy a Boston Beacon Hill condo!
The average wedding in the United States has 120 guests who give wedding gifts valued, on average, at $186. This means that couples could walk away from their nuptials with over $22,000 towards their down payment!
Services like HomeFundMe allow friends, family members, and almost anyone else in a buyer’s network to contribute funds toward the buyer’s down payment. Contributors can determine, at the time of their donation, if their gifts are ‘conditional’ or ‘non-conditional’ on the beneficiary buying a home.
According to a recent Wall Street Journal article, “about 400 borrowers have used HomeFundMe to help buy homes since the program launched in October and on average, they raise about $2,500.” The article went on to explain that most borrowers use these funds in combination with their personal savings to shorten the time needed to achieve their goal of homeownership.
There are more and more programs surfacing from lenders that allow buyers to put down as little as 3% to buy their dream home. Fannie Mae and Freddie Mac loan programs require 3% down payments, while FHA programs require as little as 3.5%, and VA Loans are often approved with 0% down!
Gone are the days of 20% down or no loan! If your dreams include buying a home of your own in the next year, you can get creative with your down payment savings to make it happen!
Condos around the Beacon Hill area to rent:
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Updated: Boston Condos for Sale Blog 2023
John Ford Boston Beacon Hill Condo Broker 137 Charles Street Boston, MA. 02114