If you are looking for a new home this summer, it’s a great time to start teaching your kids about why owning a home is so important. Real estate investing is the foundation of the American Dream, whether your family owns one home or many.
Teach Them to Save
Although there are loan programs to help buyers with small savings, it is almost inevitable that buying real estate will require a personal investment of cash. Teach kids the importance of setting a portion of whatever they earn aside. Allow them to divide their money into categories like giving, spending, saving, and investing. Habits made young will be reinforced as they age and begin to earn more.
Let Them Help Create a Budget
Depending on the age of your child, real-world numbers are important. Too often, kids graduate from high school and have no idea what rent costs or how much electricity and water a home will use each month. Let them know about things like property taxes, homeowner’s insurance, HOA fees and repair costs. Help them to create a budget that plans for each important item, using figures that apply to your real-life investment.
Allow Them to Help with Home Repairs
Experience is a great teacher. When the HVAC filters need to be replaced or it’s time to fix a leaky kitchen faucet, let your children help. Participating in the small tasks of home maintenance will teach them invaluable skills, give them a sense of accomplishment, and show them that homeownership is hard work.
Show Them That Investing Has Its Reward
Is investing worth it without a profit? Obviously not, and this is even more true for kids. They lack perspective and will not understand the benefit of your lessons without some reward. When young, that reward might be ice cream after a day spent touching up paint. As they age, it might mean a small percentage of monthly rental profits for their help in managing the properties.
If you are home shopping this summer, it’s a great time to give a few lessons on homeownership and investing to your kids. It is just in time for the back-to-school season, too! Show them how much hard work it takes, invite them to ask questions and learn some of the dirty jobs, and provide a reward for work well done. It will serve them well in the years to come.
Peggy Slappey Properties, Inc. is a Metro Atlanta real estate brokerage with 38 years of experience in real estate sales and marketing. From new home construction to resales, we can help you find the home of your dreams. To see our current listings, visit www.psponline.com and call us for expert advice at 770-271-5555. Keep up to date with the latest PSP events and offers by checking in on Facebook at https://www.facebook.com/peggyslappeyproperties and on Twitter at https://twitter.com/psponline.