Renting while parents own over £1.4million in property

[Emmav2020]

Just after peoples thoughts. So myself and OH pay £1000 in rent a month aswell as having 2 kids and paying a fortune in childcare. My parents own the above amount in property. Now while ive spend over £50,400 paying rent i was thinking and kind of got myself annoyed that my parents are sat on that kind of money while im still renting. Even if they gave me a small deposit i would be forever grateful just so we can get ourselves a mortgage and onto the property ladder. my sister was given a hefty chunk my her in-laws to buy a house so shes find.
I mean we have save a bit ourselves but its nowhere near what we need
Would you be annoyed or do i have no right in thinking they could help us just a little.

Their house might be worth loads but it doesn’t mean they have any money unless they move

Haha. So do I.

Great attitude. Ur a winner with thinking and graciousness like that. Being rich or having it a beautiful house doesn't mean much if it's done in the wrong way. So yeah. 👍

Whilst I agree that it's your parents' money, they can do what they like with it and you have to stand on your own two feet (which you seem to be doing a good job of), I find it hard to understand how parents sitting on that amount of wealth don't help you out.
Do they not realise how they could make life so much easier for you? Could you suggest they lend you a sum for a deposit and you pay it back at no interest or a very low rate?
Maybe they just don't realise how hard you are finding life financially.

My parents are divorced but have (considerably) more in assets than your parents…and I live in a council house. Yes they could have gifted their DC houses or large chunks of money but they haven’t, and that’s fine, we are all adults and able to fend for ourselves. I know it stings a little when you see other people who this has happened for, but you’re no worse off than millions of people who don’t have wealthy parents.

They all turned out great kids who did well. Chose lovely partners, careers, worked hard, gave us beautiful grandchildren and we are so proud ❤️

Not entitled but seriously times are hard now why not help if they can and enjoy the results I don’t understand I haven’t got much but would help my kids with as much as I could life is hard now however much you work.

Parents have a responsibility until they die if they were in reduced circumstances who would they turn to?

Yabu why should you expect your parents to finance you, get on with your own life.

So helpful not

Why not if they can afford it parents are reliant on family when they r old and ill

Parents will want family around when old and ill invest in your future

No I wouldn’t be annoyed it’s my job to afford my adult life not my parents responsibility. If they choose to fine but shouldn’t be expected.

£1.4m in assets is actually not that much if they are living off the income.Even if it is all income generating it will not be bringing in much more than £42 000 a year. Not exactly enough for a millionaire lifestyle. Also they may be worried about having enough to pay for care home fees when they are needed. If I were you I’d have a conversation with them about if they could help you out a bit with an advance on your inheritance but be prepared for them to say no.

It is quite difficult to borrow money for a deposit even from your parents. Mortgage companies don’t like other people having claims on their security.

Until they die?! Are you serious? Parents have a responsibility to raise you to adulthood, no further. There's a big difference between turning to parents for moral support in difficult times and asking them to help you out financially when they may be in no position to do so. The sheer sense of entitlement of an adult child being "annoyed" that their parents have £1.4m in property without offering to give them any money I find astonishing. Yes, £1.4m in property that THEY worked for (in spite of also having children). And this sum is only mentioned in relation to property, not cash, so should the OP's parents sell their property to give their DC some money?
The OP needs to get on with the life they and their OH have made and stop expecting a handout.

Exactly.
Until they die, my arse 😂

I have worked hard for 50 years in a just about average paid job. I have tried to be careful financially and have paid into pension schemes to try to make provision for my retirement years. I have helped my two children financially and they now own their own homes. That said this shouldn't be an obligation on my part however I do sometimes think my children expect it. No-one helped myself and my OH when we were young and we had to save hard to buy a property and we waited until we were on our feet until we had children. We did without holidays and shared a car for a lot of years. We also started in full time employment at 16. I do sometimes think a lot of younger people resent what older people have achieved without understanding the hardships and sacrifices we made to get the things we wanted.

Boomers will never understand

What? That they’re financially responsible for their adult offspring until death?

🤣😂🤣 I love your much more succinct way of putting it!

Why on earth should they downsize and give up their home for their grown children? I would never suggest my parents do that. They love their location, my mother has a garden she has built over two decades that is her happy place. It's not just a house, it's a home. I would never even think to take that from them for my own gain. I expect they will stay there till the end, and so they should.

By holding onto their assets they are avoiding becoming in reduced circumstances and having to put the pressure on their kids of being turned to.

If my child had this attitude, I'd be tempted to leave it all to the local dog shelter.

Of course we do. House prices have increased massively over the last 40 to 50 years - far in excess of normal inflation rates - so it's significantly harder for younger generations to get on the housing ladder compared to when we Boomers were young (buying a property in 1980 cost around 3.5 times the average salary, it's now 9.5 times, so don't tell us we don't understand!). However, all my friends' adult children are now home owners and were happy to receive second-hand donations to furnish their homes until they could afford better (just as we did) - it's a matter of priorities and not having everything you'd really like immediately.
Anyway, in this case, the OP says their parents have £1.4m "in property" - not cash - so what is the OP expecting? That their parents should sell their home just to give them some money? Outrageous sense of entitlement.