“Mom, help me buy a house!”
Parents, advise your kids on buying a home. Generally speaking, children look up to their parents and approach them for advice on matters of importance. Buying a home is one such matter and parents can play a pivotal role in assisting their children on their path to home ownership.
Firstly, it’s important to establish why your child wants to purchase a home and whether or not they are being realistic about the property they want. Purchasing a home “because everyone else is” and enquiring about a R3-million cluster on a R10 000 salary are signs that your child needs guidance.
“Buying your first home is a big step, and also a very big financial commitment,” says Monde Motha, Channel Manager at FNB Home Loans. “Your child needs to understand that repayments will account for a big chunk of their monthly income, which may mean they aren’t able to afford additional expenses such as studying further or going on trips with friends.”
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