As crazy as the idea may seem right now, your child will one day have their own home. Yes, that’s right, your teenager who doesn’t even know what day the trash goes out will one day be a homeowner – possibly running their own home along with a family, too! Therefore it is always worth teaching them what to invest in when it comes to a home, as it will probably be the most expensive thing they ever buy. Regrettably, children are not taught this kind of thing (nor anything about financial responsibility) in schools, so it is up to you to tell them what they need to know. Here are some do’s and don’ts about where their money should go when it comes to their first house.
DO invest in home security
It might sound silly, but the reason we live in homes rather than all just hanging around outside is because secure homes offer safety and protection. Your child may have found their dream home, but it may require a few updates in terms of home security. By all means take into account the kind of neighborhood the property is based in, but generally speaking, even homes in the nicest areas should have some basic home security features. Encourage your child to check that all their locks – including the locks on windows – are properly fitted and secured. They may need to call a locksmith if they are dubious about the safety of any of these features. It is also always worth having an alarm system fitted – explain to them that although it is expensive, you can’t put a price on being safe in your own home.
DON’T waste loads of money on decor
You know what it’s like when you first move into your own place – it’s tempting to go crazy with decorations and homeware in an effort to make the place your own. There’s no doubt this will happen with your child too, so explain to them that while there’s no harm in buying a few things to spruce the place up, decor is not the most pressing issue at hand in a new property. Making it functional should be their main priority, and they can worry about decor later.
DO make the place comfortable
We tend to take basic things such as heating, water and electricity for granted in our homes. If your child is moving into a place of their own, make them aware that they may need to do some work on functionality. Old properties are at risk of having faulty electrical systems and if the property is brand new, it may not have even been fitted with ventilation systems. Encourage your child to contact a heating and A/C company who will be able to advise them on what they need in order to make their home a comfortable place to live.
DON’T start renovating immediately
Even if your child wants to buy a ‘fixer upper’ property, try and make sure they don’t spend lots of money adding an extension or knocking down walls too early on. They are new to the property market and even if their idea gets planning permission, it doesn’t necessarily mean it’s going to increase the value of the home. Encourage them to spend the money elsewhere at first, and to learn more about the market before making any big decisions.
