09 Jun I want to buy a house. What about my parents’ home?

Q. It seems impossible to buy a house. I rent, I’m married and 35. My parents own a home and they are thinking of selling. I’m thinking this could be my only chance because prices are so high, and maybe they would negotiate with me in a way that we both win. They’ve never offered money to help me out, and I don’t really know that much about their finances. Do you have a way we can do this, maybe?
— Frustrated

A. We are living in tough times when it comes to getting into the housing market.

It’s especially hard for people looking for their first home.

Exploring the possibility of your parents’ home feels like an important opportunity to consider and might save on the realtor fees that would be incurred in a traditional transaction, said Claudia Mott, a certified financial planner with Epona Financial Solutions in Basking Ridge.

“Before moving forward, it may be helpful to first clarify your parents’ intentions regarding the property and whether they are open to the idea of selling to you,” she said. “That will help determine whether this is a viable option to pursue further.”

If they are thinking about selling the property, consider treating the transaction as a standard real estate purchase and obtain an objective assessment of fair market value, Mott said.

“It’s essential that you both know what the home’s potential value is, bearing in mind that many properties sell well beyond the listing price depending on the location and condition,” she said. “You will also want to work with a mortgage broker to understand how much you could borrow.”

As part of the discussion, you’ll want to understand whether your parents are inclined to consider any form of a modest family discount, Mott said.

This might be a way that they can help you without having to actually give you any funds of their own.

“They certainly need to consider their own financial needs, but this might help make the home more affordable for you,” she said. “If it turns out there is a substantial gap between the value placed on the home, the downpayment you are able to make and the amount you can borrow, you may have to find a less expensive home to purchase.”

If the arrangement goes forward, you’ll need to treat it like a business transaction.

“It would be very important to ensure that the details are clearly documented and structured in a way that protects all parties,” Mott said. “Engaging a real estate professional and/or attorney could help ensure the transaction is handled appropriately and transparently.”

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This story was originally published in June 2026. 

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.