Some parents are taking advantage of the current slump in the real estate market and are purchasing apartments for their kids who recently graduated from school. “I got a digital watch for graduation,” said Barry Silverman, an executive vice president of Halstead Property, “but I’ve worked with families where the children are getting an apartment.”
Families are working out agreements that fit their situation best. When purchasing an apartment, there are tax implications, title decisions, maintenance factors and other things that the family has to consider. Some parents continue to own the residence and allow their child to live in it while others make their kids an owner.
Ms. Zia is the mother of Sean who recently graduated from music school and she bought him an apartment in New York. “With the interest rate and the price that we found,” Ms. Zia said, “we couldn’t not do it. He may never see a time when he can afford to buy in New York again. The ultimate goal is for him to be up on his feet and then take it over.”