As a young parent, one of the biggest challenges you’ll face is where to invest your money. With so many expenses involved with raising a family, it can be tough to determine what investments will help your child thrive in the future.
Many experts suggest that in the right environment, investing in a house can be one of the best investments for your family. For starters, with a mortgage, you can work towards owning a house instead of paying someone else’s mortgage when you rent. If the real estate market is on an upward trajectory, then your investment will only appreciate, especially if it’s in a good neighbourhood near great schools, parks, public transport and other amenities. Later, you can liquidate if necessary, leaving your family with a nice financial cushion.
Another advantage of investing in a house in a good location is that you can diversify your income stream by renting out a portion of the property. If you want to become a landlord but have privacy concerns, then consider investing in a house that has a liveable basement with its own entrance. You can improve your chances of finding a reliable renter who won’t disrupt your family life by conducting employment, reference, and income checks.
This extra income can offset your cost of ownership. Your mortgage, property taxes, insurance, maintenance, repair, seasonal upkeep, plumbing, landscaping, lawn care, and utility bills can add up. Having a rental income or a property that’s appreciating in value can make it all worthwhile.
You can also use your rental income to invest in your child’s future. The revenue can be used for extracurricular sports, art, music, or language programs. Alternatively, the income can be used to invest in a secondary education savings plan.
Finding a good investment property in a good neighbourhood is not only good for your family’s financial future but it can also be beneficial to your child’s overall future. For example, children who grow up in good areas are likely to be happier, healthier and more successful in life.
However, finding the right house to invest in can be challenging when you have a family, especially if you live in a country with catchment areas, where kids can usually attend schools that are designated to their neighbourhoods.
Making the correct investment choice in such countries means hitting the trifecta by finding the right house in the right neighbourhood near the right school. Of course, this can be challenging. Between work and family, you may not have the time to cross-check hours of data to locate the home of your dreams.
Fortunately, modern technology has made this task easier. Using the right resource built by the best research, technology, business and design professionals, you can invest in the right option for your kids and connect with expert real estate agents from the comfort of your home. These experts are well-versed in your dream neighbourhoods and can help you make the best choice for your family’s future.
Admittedly, investing in real estate isn’t a cakewalk. Making one of the biggest decisions of your life can be hard with your family’s future on the line. But with right resources on your side, you can greatly improve your chances of making a sound choice.