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How to help children to buy home

Before hitting retirement, many parents are tying to figure out how to help their children to buy their first home. But a simple act of trying to help your children to buy their first family home can have incredibly negative impact on you if done incorrectly. And this is what we are discussing today. There are number of issues you have to review and research before you proceed with any financial support for your kids, especially when considering a property purchase, which requires a major financial commitment or expenses on your part. 1. Do not gift the property Never, ever give your kids the full ownership to the property as a gift. 2. Family dynamic If you have more than one child, then financial assistance might be more difficult or more complex. You need to first consider if you are able to provide a similar assistance to each of your children. You cannot help one and not the other, that is just creating a family conflict and resentment. 3. Financial strategies to help Let’s now go over strategies that are available to you if you wish to assist your children in buying their first home: a gift loans becoming a guarantor buying together 4. Other issues to consider As you can see each option has some negatives, so I suppose your job is to do your due diligence of which one is the best suitable, has the least negative impact on you and your future financial plans: have an open conversation with family members get legal advice get full financial planning advice get insurance advice To download the book 12 PRINCIPLES OF INVESTING: https://ebook.aboutretirement.com.au/... Contact details: Katherine Isbrandt of About Retirement Website: https://aboutretirement.com.au/ Email: [email protected] Or connect with me: https://www.facebook.com/katherineisb...   / katherineisbrandt     / katherineisbrandt   https://www.pinterest.com.au/katherin... FSG: https://aboutretirement.com.au/wp-con... Katherine’s Adviser Profile: https://aboutretirement.com.au/wp-con... Shaun’s Adviser Profile: https://aboutretirement.com.au/wp-con... #KatherineIsbrandt #AboutRetirement #HelpingChildrenToBuyHome