With property prices continue to rise, it seems like more and more people are going to end up never owning a house or apartment. However, with enough help coming from their parents and some careful planning, that doesn’t necessarily have to be the case. That being said, if you’re a parent, you need to start thinking about how you’ll assist your children with getting onto the property ladder. And here are four tips that are guaranteed to help.
Start a savings account
No doubt one of the best ways to help your children is to set aside a portion of your earnings at the end of each month and keep it on a separate savings account. The best thing about it is that you can start when your children are still very young. This means the amount of money you need to set aside on a monthly basis doesn’t have to be as high as you might believe. In fact, start on time and you probably won’t even feel the difference. You can also invest the money you save, just make sure you opt for a low-risk investment.
Sell your home
If your children are adults and they need help buying their own property, another thing you can do is consider the idea of selling your home. That way, you can provide them with the money they need to get onto the property ladder and you can keep enough to find accommodation for yourself. For example, Mark Moran Vaucluse retirement living options could be exactly what you’re looking for. Move to a place like this and you’ll get all the care and security you need while your children will still be able to afford their own places.
Become a guarantor for them
Another way you can help your children leave the family nest is by becoming a guarantor for them. There are mortgage lenders out there who could allow your children to get on the housing ladder as long as there’s added comfort of a guarantee. This can turn out to be a great option if you didn’t manage to scrape away enough money to help your children buy property. However, bear in mind that if they don’t meet the terms of the loan, you become responsible for it and your own home may be at risk.
Help them make some extra money
What’s so great about the modern age is that there are so many ways you can make money as long as you’re willing to put enough effort into it. So, to help your children buy their own property, you can also help them make some extra money. For example, you can start trading with items on websites such as eBay and Craigslist. It’s a perfect way to help them increase their budget even if you’re retired. Some other options include online teaching, freelance writing and selling photos on the web.
Watching your children struggle to buy their first property can be tough. To make it easier on them, you need to be ready to help them as much as possible. The four tips we talked about earlier should help you come up with the right plan and make sure your children live in their own homes soon enough.