While they
say the only certainties in life are death and taxes, it’s obviously important
to teach your children to plan for their future.
All
planning should be done holistically, so it’s not just about having a million
dollars in the bank for the sake of it but having the means to achieve an end
objective.
Whether it
be an overseas vacation once a year, owning a flashy car, upgrading or
extending their home, or investing in a further property, demonstrating the
value of future planning is a lesson your children will thank you for later.
When it
comes to buying their first home specifically, future planning should include
not only their personal needs and desires, but also what the market they are
buying into will look like in ten years' time when they might be thinking of
moving on and selling, or using the equity in their home to purchase another
property.
Does that
particular property in that particular location represent a good long-term
investment, as well as a cozy first home?
This will
no doubt require some legwork and research into things like local school zones,
future zoning council changes or planning policies from local and state
governments that might change the aesthetics or value of the property.
RealRenta has all the tools that a property manager has but for
less than ¼ the cost of a property manager.
Join now and the cost is less than a cup of coffee a week to manage your
rental property.
RealRenta also has a free vision, so why not check it out.
Jason Gwerder
Tuesday, 3 October 2023
