Six Reasons to consider a Granny Flat InvestmentApril 25, 2017
Information Evenings – Strategies & Solutions for First Home BuyersJuly 10, 2017
Encouraging your young adult to invest in a How-Nano Home can help them learn to manage their finances and give them a low risk entry into real estate.
Here are five reasons why a How-Nano Home is a great property market entry point …
- Managing finance
A How-Nano Home is relatively affordable finance wise and as a first entry into home ownership. This becomes even more affordable if you are based in Qld, where you can claim the first home buyers grant to build granny flat style accommodation on a family member’s land.
Managing repayments for their How-Nano Home will help teach your young adult about cashflow and debt management and set them up for financial success.
- Help build their home deposit
Many families are still housing their adult children in the family home, due to the housing affordability crisis. Adult children are staying at home for longer so they can pull together a deposit for purchase their first home. By first investing in a How-Nano Home, these young adults can add to their income stream by renting out the How-Nano Home and using the funds to put towards a first home.
- Use a How-Nano Home as a savings plan
Investing in a How-Nano Home can be a great way to teach all your children financial responsibility and can benefit the whole family as teenagers grow. If your young adult takes responsibility for the How-Nano Home repayments using an offset account, they are learning to manage finances and they are accumulating funds in an offset. After a set number of years they remove their contribution from the offset and pass the responsibility to the next child in line. This can be an excellent solution for parents who want to assist their children but can’t afford to help with a deposit.
- Your How-Nano Home can move with you
Your young adult may start with the How-Nano Home in your backyard but they are fully moveable so they can be relocated to a new piece of land, where it can be lived in during construction of a home, saving on rent costs. It can then be rented out, bringing in a secondary income.
- Downsizing the family home
You may be in the situation where you would like to downsize but still keep the family home within the family. In a time of low housing affordability, many young families are struggling to buy a home, while parents may be looking to downsize. A How-Nano Home means parents could downsize while their children take over the cost of the family home at a reduced level, either through paying existing finance or paying rent to their parents.
As you can see, there are a number of flexible options with a How-Nano Home that would suit most families. We can help you tailor a plan to suit your family and finance goals.