Buying a first home is a monumental step in anyone’s life, and as a parent, the journey becomes even more meaningful when you get to guide your child through the process. Recently, I had the privilege of helping my 25-year-old son, Daniel, purchase his first home. It was a journey filled with challenges, growth, and invaluable lessons that I’m excited to share.
1. The Value of Patience and Long-Term Planning
Daniel has been working since the age of 18, mostly in hospitality roles, including a stint at the Ritz-Carlton’s VIP Club Lounge. However, like many young adults, he struggled to find a clear career path, especially after the disruptions of COVID-19. At times, he expressed his desire to rent a place with friends to gain independence. While I understood his craving for freedom, I strongly advised him to stay at home, emphasizing the financial benefits of avoiding rent and focusing on saving for a home instead.
This decision proved to be one of the most critical steps toward his eventual homeownership. Staying home gave him the space to explore different jobs, from returning to hospitality to finding his current role with an outdoor kitchen company where he’s learning trade skills. It also allowed him to save a substantial amount of money—a crucial factor in this process.
2. The Importance of Credit History
While Daniel had a good credit score and had paid off his car loan responsibly, he lacked open credit accounts, which posed a significant challenge when it came to securing a mortgage. This was a learning moment for both of us: having no debt doesn’t necessarily translate to being creditworthy in the eyes of lenders.
To address this, we quickly opened two credit cards in his name and added him as an authorized user on two of mine. These steps helped build a more robust credit profile and showcased his ability to manage credit responsibly. This experience underscored the importance of teaching young adults about building and maintaining a healthy credit history early on.
3. Navigating Employment Requirements
Another hurdle was Daniel’s employment history. Although he had been working steadily since 18, lenders typically prefer 12 months of continuous employment in the same role. Daniel had been in his current position for only eight months, which initially posed a problem. Fortunately, we found a loan officer who understood his consistent work ethic and was able to piece together his employment history, including his previous roles. This required finding the right lender who could see the full picture of his work history rather than focusing solely on the technicalities.
4. The Role of Relationships and Negotiations
The home Daniel purchased wasn’t just any home—it was a beautifully maintained 1960s property owned by past clients of mine. When they mentioned selling, I immediately thought of Daniel. The sellers, knowing this would be his first home, generously agreed to reduce the sale price to help him qualify within his budget. Their kindness and willingness to negotiate played a pivotal role in making his dream a reality.
This experience reminded me how important relationships are in real estate. The trust and goodwill built over the years between myself and the sellers allowed us to find a solution that worked for everyone.
5. Teamwork Makes the Dream Work
This process was a true team effort. The sellers showed immense generosity, the loan officer went above and beyond to navigate underwriting challenges, and Daniel’s dedication to saving paid off. And, of course, as his mum, I coordinated every detail to ensure everything came together.
6. The Power of a “Why Not Now?” Mindset
Initially, our plan was for Daniel to buy in 2025. However, when this opportunity arose, we realized the importance of being flexible and ready to act when the right home appears. While it required quick thinking and problem-solving, seizing the opportunity was ultimately the right decision. It showed us that sometimes, the best-laid plans need to adapt to circumstances.
Final Thoughts
Helping Daniel buy his first home was one of the most rewarding experiences of my life. It reaffirmed the importance of financial planning, patience, and building strong relationships. It also reminded me that success is rarely achieved alone—it takes a community of supportive people working together toward a common goal.
Today, Daniel is the proud owner of a home that marks the start of a new chapter in his life. This milestone was made possible by the collective efforts of everyone involved and the lessons learned along the way. For parents guiding their children through similar journeys, I encourage you to focus on teaching financial discipline, fostering resilience, and building a network of trusted professionals. With these foundations, even the most challenging paths can lead to success.
