people than they were in our parent’s day. As our kids grow through their teens, you may be worrying about what the future holds for them. The cost of college has continued to grow. And the cost of living as increased a lot too. How will our kids afford to live when they fly the nest? Or will they never be able to move on and have grown up lives of their own?
Many parents are beginning to realize that their kids just cannot afford independent living when they’re first starting out. Rents and property prices are just too high. This means more and more
living with their parents into their thirties. This can become quite uncomfortable for everybody involved. After all, most people want to have their own place after college, especially when they’re working up the career ladder.
Your kids may need a financial injection from the bank of Mom and Dad to get on the property ladder. Many parents realize that covering the deposit and acting as a guarantor on the mortgage is essential. Some purchase a small apartment or house in their child’s University town. It is then rented out on a room by room basis to recoup the cost of the mortgage. Best of all it provides secure accommodation for your child.
Recent technological innovations mean that there are cheaper ways to build new homes. You can find more information about that online. It means that your kids could be able to afford to buy their own starter home for a fraction of the cost of other properties. Having a home they can call their own could be a wonderful start in their young lives. Then all you need to worry about is moving them out of your place and into theirs!
It can feel like the impossible dream for some young people. Owning your own home is important. It provides security and a sound financial investment for the future. And many mortgages offer cheaper repayments than the monthly cost of renting. In many cases, it makes sense to help your children get on the property ladder sooner rather than later. All you need to decide is whether you make the purchase or merely offer the deposit.
Saving money for a property can be really hard work when you have to pay a large rent. Allowing your kids to continue living at home with you can give them the opportunity to save up for independent life in the future. This doesn’t mean you can’t ask for a financial contribution to the running of your house. If your kids are earning a wage, it seems only fair they offer a little something for the accommodation and meals!
Would you buy your kids a home? It depends on several factors. You may not have any spare cash to help them out in that way. Or you may simply feel they’re not ready to take on that level of responsibility. Of course, when the time is right, you may be the first port of call for a home loan!