Owning a home can be a dream for those fresh out of college. Even high schoolers would love their home, which signifies true independence. Homeownership is a huge responsibility that not all adults are ready for. The challenges could be due to not wanting to handle home maintenance. Living in apartments or condos for the majority of a person’s life can also impact what they understand about the upkeep of a home.
Your children will model their behaviors after you in various ways into adulthood. Teaching them how to handle tasks like lawn care can be crucial. Creating a checklist can be so important as specific types of home maintenance need to be completed. HVAC maintenance is a perfect example because it helps avoid issues down the road with parts that could burn out. Below are lessons you should teach your kids about home ownership that will help them in the future.
Homes Should Be Viewed as an Investment
The home can be the largest investment that a person makes in their entire lifetime. A large portion of a person’s financial worth is wrapped up in the equity they have in their home. The right investment can lead to financial gains that provide security for decades. Do not allow your home to have repairs start to pile up. A home that is considered a fixer-upper is not going to garner as favorable of offers from buyers.
Renovations should likely be completed if there are areas of the home that need to be updated. Improvements should be put in order of priority as some might help save money monthly after the initial investment, like solar panels.
Repairs can be few and far between if investing in the best appliances possible. Huge expenses like replacing a water heater can be avoided by simply taking care of your investment & purchasing a home warranty that includes certain appliances.
A Home Warranty Quells Worries
A home warranty can be created to address areas of concern with your home. Appliances, along with certain home repairs, can be covered by the warranty. Investing in this when purchasing the home can save so many headaches down the road. You do not want hidden issues to result in you having to refinance unwillingly when mortgage rates are so high. A home warranty is much like insuring an investment on the stock market as it helps protect value. Look at the various home warranty options to see what would be the best fit and bring your kids along. For example, a bit of Googling with your kids you could see that Cinch Home Services may provide the best home warranty in California.
Staying On Good Terms with Neighbors Is Important
Nightmare neighbors can have a substantial negative impact on home values. Staying on good terms does not mean that your boundaries should be stomped on. A good example is doing small favors like picking up the mail when a neighbor is out of town. Families with children want to stay friendly with neighbors if the kids are also friends. Adult feuds can be baseless and are usually an indication that one or both parties have far too much time on their hands. Platforms like Nextdoor.com can lead to arguing and bickering over issues that would have been dropped in the past. Being a good neighbor is important, as many people have lost common decency.
Finding Reliable Home Service Providers Is Crucial
Home service providers are essential, whether it is a landscaping company, HVAC professional, handyman, electrician, or plumber. Finding trustworthy professionals is also important; you do not want to be grossly overcharged for a simple repair. Looking online for reviews or getting referrals from friends/family is so important. A provider won’t want to tarnish a relationship of a customer that was referred to them. This could result in losing multiple customers due to getting multiple referrals from a single customer.
Explain Rental Options and How to Profit From Your Home
Airbnb has changed the way that so many homeowners view their property. Renting out rooms in a first home before your new graduate or seasoned professional starts a family can be significant. The roommates can end up paying the mortgage while splitting other costs. Always having living agreements in writing is another lesson that too many have learned the hard way. Living with a close friend can be a bad idea. Some friendships are decimated by individuals that cannot coexist in a living space.
Teaching your children to be proactive about maintenance, repairs, and improvements is critical. Buying the right home and allowing it to appreciate over the years is a time-tested method of building wealth. Use the tips above to start teaching kids or teens the aspects of homeownership.