- May 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for the Future: Starting a Family and Navigating the Housing Crisis
Me and my wife have been contemplating the prospect of starting a family in the near future. As we delve into discussions about the state of the housing crisis, we both acknowledge the likelihood that our child may require assistance in purchasing a home.
We have been brainstorming potential solutions, such as acquiring a modest townhouse and leasing it out. This way, as our child matures, they can either reside in the property or we can opt to sell it, subsequently utilizing the proceeds to aid them in securing their own residence.
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What strategies have you employed to support your child in the realm of homeownership, or what plans do you have in place to assist them in the future?
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****** just grabbed a
I feel this is a very personal decision and there’s no one right answer.
For us, 2 young kids, we were thinking along the same line but decided against buying RE. Or reasons were:
– it’s speculative, who knows what the market will be like when they’re of age
– want them to be independent and go through getting a mortgage, managing their money and savings
– we’re happy for them to live with us while they save a deposit
– we’re happy to go guarantor
– kids may want to live/work overseas
– if they want to start a family and if they can’t afford a home, then we’d probably downsize and they can have ours
For us it’s hard to know what direction the future takes, so we’re focusing on getting our finances sorted so we can remain flexible and help in the best way when they grow up.
The way things are going they won’t be moving out for maybe 20-30 years and they havent been born yet. How likely is it they will be working in your city? Or even Australia at all?
Honestly I’d just ensure they are well-educated and trained, and guided and mentored into a reliable job/trade/industry
I think the single biggest problem is kids not understanding longterm strategy, like for some kids what trades might be good or that they are even an option , how to invest the money that comes in, how to set up the business…or for a kid going to university, how to get into internships/clerkships/networking. And mostly how to invest. I just push my kids who are now working age to pay themself first, invest that, and beware lifestyle creep.
Double edged sword…
Old saying if u don’t have a big enough head don’t wear a big hat
Financial education is important at home and bringing them up teaching delayed gratification is important.
If not it doesn’t matter what u give them they don’t have the basics to do much besides piss away money. Then u aren’t helping them u helping them get into debt and be fiscally irresponsible or they struggle paying the mortgage with no discipline. It’s actually a skill and acquired mindset. Some people learn it in family some people learn it outside some people never learn it zzz
I know many that have done that coddling and usually by 3 generations they are peasants
It’s not how much u make it’s how much u save
My uncle made 100k plus a year back 30 years ago that was huge money pissed it all away he rents now yeah cool story. His family was rich once own massive company(25 million+ houses in aus where about 100 to 150k back then) , but greed ego and arrogance crushed his household. Guy was fiscally inept. U never know how long u can make x y z for. So make sure u plan ahead if things go clown town
This is a common course of action for parents who are able to.
Buy a property with enough land to build extensions / granny flat / child flat. Get ready to homestead the next two generations.
lol this a joke ?
Dont burdent your child with your concerns regarding the housing crisis. If you do want to help them get a leg up focus on getting them the best education.
I wouldn’t tell them.
They will be working part time. How else are they going to pay for their first home.
The point is unless a child has some form of help they will most likely not be able to purchase a place to live.
I’d be putting money aside to assist with any form of tertiary education they choose to participate in. Once they get to Uni age, pay their fees up front with the view they need to repay the semesters classes (treat that payment like a loan).
Throw that money back into savings (nil impact) and gift it to them as a house deposit, travel fund, wedding fund etc when they reach 25. No STSL debt and a step up wherever they choose to travel in life.
Houses in regional areas are still dirt cheap. I think you are best of encouraging your child to be the best he can then getting handouts.
We live in the country but have bought an apartment near the city/universities, currently tenanted. Partially it’s for our convenience if we ever need to live near the city but the end plan (she’s only 1) is that it’s for our child if she wants to go to uni or live near the city. If not, that’s cool. If we sell it the money will be put aside for her.
Im going to be making investments in their name from the day they’re born. The compounding effect by the time they reach adulthood should do a big chunk of the heavy lifting
Education fund should they decide to pursue further international studies
If you are interested do be careful there are some grifts in this area thats actually selling some kind of investment insurance
Too late for kids but we’ve started a kids Vanguard for the grandkids. $50/fortnight. (There’s only one grandkid at the moment!)
We have to sign it over to them when they turn 18. We hope by then we’ve taught them enough for them to keep it going instead of pulling it out.
The kids are just going to have to wait for us to die. 🙃