Let’s be honest; a house is a goal to work towards whether you’re a parent or not. There’s something about having your name on property deeds which makes you feel like you’ve arrived. Even the single folks out there can face life head-on with a verified roof over their heads.
This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
When you become a parent, though, your house takes on a whole new meaning. This is the most significant asset you could ever hope to own. Far from just providing you with well being, your property will become the best nest egg you can pass down to your little one. With the security of a house, you can rest easy that they’ll be financially taken care of when you aren’t around to do it anymore. That alone is a parental goal worth working towards. You don’t get benefits like that if you raise a family in a rental house.
Still, it would be a mistake to assume that your work here is finished the moment your name is on that deed. Instead, consider your home as a literal nest. To ensure your little one’s safety, you need to keep those eggs in one piece. The trouble is, taking your eye off the ball (or nest, as it were), leaves it open to all manner of trouble. Other birds may steal your nest materials. Weather may cause damage. Before you know, you’ll start losing eggs without even realizing it.
So, don’t look away and assume security is a given here. Instead, keep your eggs and your investment safe with the help of these pointers.
Maintenance matters
One of the leading ways we let ourselves down here is by failing to consider maintenance. Many of us move into houses and assume they’ll stay sturdy for many years to come But, that’s rarely the case. In reality, keeping a house in top condition is a matter of continual maintenance. With every change of season, you should check for things like foundation issues and leaks. The moment you spot problems like these, it’s essential you take any action necessary to solve them. You may find that you can tackle these with nothing more than your DIY skills. Or, you might need to call in the pros to get things up and running again. Either way, taking action is essential. Failure to get on top of things could do untold damage to your home. It could also lead to a reduced value when you do come to sell. That would form the first gap in that nest you put together which such care.
Keep an eye on the market
When you find a home which suits, there’s a temptation to consider it a forever home. Moving house is stressful, after all. It’s also nice to think of kids inheriting their childhood house. In truth, though, this may not be the best course to take when it comes to passing down as much money as possible. When you buy property with nest eggs in mind, it becomes an investment more than anything else. And, if you want to get the best from any investment, you need to keep one eye on what the market’s doing. Obviously, it wouldn’t be practical or even possible to move every year to keep up with changing prices. Doing so wouldn’t even be in your interests. Still, you may find after five years in your home that your area has increased in value no end. In extreme cases, it may even be that you could sell for double the amount you paid for the house. In that instance, staying put could be foolhardy. After all, what goes up must come down. Making the most of prime fluctuations in the market could, within reason, work in your favor.
Don’t spend to sell
If you do decide to sell at any point, it’s crucial to note that you shouldn’t go overboard with spending. It’s easy to get carried away here when you know you’re about to earn X amount from your property. The trouble is, every cent of that money should go towards your child’s future. What’s more, spending large amounts to sell rarely sees a return. While there is evidence to suggest things like room layout and furniture impact sales, that’s not a given. What’s more, many experts warn that decorating to sell is never a sound decision. Something as simple as a decor project could end up costing a fair amount. In the grand scheme of things, though, the right decor does nothing for the value of your house. Of course, that’s not to say that the condition of your home doesn’t impact sales. If you failed to take care of the maintenance mentioned above, you might struggle to sell at all. Even if you do, buyers could knock money off the asking price. As such, you could easily end up spending a small fortune to fix things up. But, it isn’t worth it. You may find that selling an ugly home for cash would end up being a more lucrative option. That way, you’ll be able to chalk this down to experience, and take more care with the next house you buy.
Don’t forget to hand it down
It’s surprising how many parents take care of these matters only to forget to include their properties on their wills. That’s bad news for obvious reasons. When it comes to matters like these, parents need to plan for the worst eventuality. It’s not pleasant, but it ensures your nest egg remains in one piece. Failure to take care of this could see your child having to fork out for expensive legal battles. There’s even a chance that they won’t find any security, and your house will simply become the property of the state. That would be a catastrophic disaster after all your hard work. The good news is, making sure it doesn’t happen is easy. All you need to do is contact a solicitor and put things in writing as soon as possible.
