Is it normal for your kids to pay for your parent’s house renovation?
My parents are getting the BTO house soon and we are in the midst of finding ID for quotation for the renovation. They told me to chip for the renovation because it’s pretty pricey nowadays. When I ask my parents why they want me to chip in, all they say is because I’m staying and they have not enough money.
I also found out that they did not do any Fix deposit years back to save up for the house. So I was pretty worried about the renovation costs etc.
Initially I was ok with chipping in since I’ll be staying for a few years..But then come to think about it, I’ll get married and probably have a family and place of my own.
So I shared this situation with a few of my friends and relatives to get a sensing of should I chip in or how much would be good. They were shock after I told them my parents want me to fork in.
I have been working for less than 3 years and I’m still paying off my student loan. I have a savings of my own just for my future house as housing is becoming more pricey.
So I’m not sure if it’ll be wise to chip in the renovation of their house or not. If I don’t chip in how can I tell my parents?
Netizens’ comments
- Since u started working, how much allowance are u giving ur parents ? Ideally I would pay 500 rent and 300 allowance every month, if u havent paid anything than pay that for last 36 months.. . now if u plan to stay in the house for next 4 years, just multiply 800 x 48 and tell them this is max i can give..
- What is the amount your parents are expecting ? What is your salary ? How much savings do you have now ? How long down the road do you expect to get your own place ? No proper information no one can give proper advice.
Personally I don’t think it’s “shocking” that parents ask to help financially. Back then retirement planning is just having more kids so there’s that. What you can do is help them to oversee the whole renovation process to ensure things go smoothly and if you are able to, try to contribute a percentage of the whole renovation cost since you mention you will still be staying with them for the foreseeable future. If not just try to manage expectation based on how much they have to spare.
Edit: After you shed some light on your finances, I think the best approach is to take charge of the whole process & get those renovation package that costs around low 20K to 30K. No idea how much your parents have or what their “dream home” cost but tell them this is what they can afford, take it or leave it. Avoid giving them any room to add more things or idea. I think chipping in 10% sounds reasonable.
Again, with no information how much savings you have & when you plan to get your own place (also the type of place), no one can provide constructive financial advice. For e.g. if you are only say 24YO now, obviously your parents expect you to chip in more as they would have the impression that you will be staying with them for quite a while.