Parents Help Their Children In Buying Their First Homes

In West Australia, there are a lot of young couples and young adults who are looking to buy their first homes. Luckily for these people, there are trusted home builders that construct and design houses in the area. Aveling Homes is one of the leading residential and commercial builders in Perth. With over several decades of experience in the industry, Aveling Homes is a booming company that gives exceptional services to its clients.

In the last three years, there has been a significant increase of parents helping their children in buying their first homes. Parents assist them in terms of financial contributions. A mortgage broker said that parents who have the capacity to help their children financially are either giving their children cash or act as a guarantor in their children’s loan.

A real estate agent, Mark Passmore, noted that most of his young clients receive help from their parents in deciding which house to buy. These guardians are not necessarily wealthy. They are parents who are showing genuine concern for the financial future of their children. In some instances though, there are some young people who asked their parents to stay out of their dealings because they want to transact everything on their own.

Talking about buying your first property at a very young age, Dorinda Reid was only 12 years old when she got her first real estate lesson from her father. Mr. Reid decided to buy his daughter a house and lot which he plans to give to his daughter when she is mature enough to take care of the property.

Mr. Reid said that it was his first real property investment. He will use the experience to learn along with his daughter. He spent around $389,000 on the property investment. The house had three bedrooms and two bathroom located at Eglinton. Mr. Reid hopes that by the time his daughter turns 17, she will be mature enough to take active role in managing the estate. He plans to rent out the property to tenants until Dorinda turns 17 and then pass on to her the responsibilities of managing the house.

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