If you, like many parents, want to help your children get a foothold in the property market, you might be tempted to build them a home. Here are some things to consider as you start planning the new house.
How long until they live in it?
If you are building a house that your children will live in fairly soon, as they are adults, you should involve your children in selecting the block and home design. If they do have some savings, they might like to contribute some money in order to upgrade certain areas of the home. If they will live in the house relatively soon, it's likely that they will want a block that is in an already established area close to work and study opportunities, as well as places to socialise. They may opt for a smaller home that suits current needs, such as a smaller terrace house option.
If your children are much younger, the house may initially be rented out and then they can either sell or move into the house later on. You have more flexibility in this case as you can build in areas which are still being established and which are likely to have more facilities once your child is getting to the point of independent living. If you are building a house for renting and longer term capital gains, you might like to have a different design, one that is more suitable to investment gains such as a family home.
How to choose a quality builder?
In order to minimise ongoing maintenance requirements and ensure that your child has a quality property asset on which to build their fortune, it is important to choose a quality builder. Having a well-built house is also important when you come to sell the property as this can help to maximise the value of the home when it is sold. It is a good idea to review the building quality of the home builders' display homes in order to make sure that you select a builder with a high quality of work.
Building a home for your children is a great way to ensure that they get a solid start on the property ladder. Choosing the right home builder ensures that they will have a valuable asset to build on. Why not talk to a builder about your plans for your children and to choose a location and home that might be suitable?
