Getting Your Children onto the Property Ladder


Studies show that the number of people who never end up owning a property keeps increasing. Even though this is concerning, it doesn’t mean your children will never have their own house or an apartment. In fact, all it takes is a well-designed plan and a little push form their parents, and then your children should be able to afford buying a property once they decide to leave their nest. But, what exactly do you need to do to get your children onto the property ladder? Read on to find out.

Start a savings account for your children

When making a big purchase, your safest bet is to set aside a small amount of money until you have enough. This also applies when it comes to getting your children onto the property ladder, and starting a savings account for your little ones is something you can’t go wrong with. The best thing about it is that you can do it whenever you want. Start a savings account for your children while they’re still very young and the amount of money you’ll need to deposit will be significantly lower. If you crunch the numbers and plan everything thoroughly, you probably won’t even feel that you’re missing some money at the end of each month.

List your home for sale

In case it’s time for your children to move into their own house or apartment but they can’t afford it, listing your home for sale makes a lot of sense. If you’re retired, turning to experts who offer aged care solutions is a great idea. It allows you to save money and make sure you have constant care even if your children can’t spend every day with you. Not to mention that you’ll get to have your own suit and be surrounded with trained professionals at all times. Moreover, you can use the money you make from selling your house to buy property for your children and allow them to focus on something else.

Be their guarantor

With the types of loans that exist nowadays, your children should be able to buy a property even if they don’t have any money on their savings account. While applying for a loan is easy, it doesn’t mean they’ll actually get it. If they decide to turn to a mortgage lender, you should be able to help them. All you need to do is be their guarantor and ensure they get the loan. This will allow them to get the money quickly and buy their first real estate. Still, don’t forget that being a guarantor means you’ll become responsible for your children’s loan in case they fail to pay it off before the deadline.

Teach them how to boost their income

Being a parent includes teaching your children how to manage their money. One of the most important things they need to learn is how to make some extra money. In fact, something you teach them at an early age could help them make enough money to buy a property. For example, paying for their foreign language classes may require money right now but it helps them learn something they’ll be able to use to increase their income. They can later teach that language online or translate documents. Some other good options include having them take a photography or writing course.

To sum up

As a parent, it’s your job to help your children buy their first property and make things easier for them. Follow the four tips discussed above and give them a little push.

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