They may not be buying their first home anytime soon, but teaching kids about the value of real estate can help secure their future.
Financial advisors always say: “It’s not how much you save, but what’s important is you start saving early.”
The same goes with teaching Filipino kids about real estate: the earlier, the better. All parents want their children to succeed in life. One way to do this is to teach them to appreciate the importance of real estate. Although owning a house may not be the most crucial ingredient for being successful, it will sure help them achieve financial independence, not to mention it will provide security for their future family.
Teaching them early about real estate also allows them to understand the hard work, challenges, and compromises involved in finally affording to own a home, but most importantly the perks that come with it. So when the time comes when your kids have to spread their proverbial wings and fly out of the family nest, they will be ready.
To guide Filipino parents, Lamudi Philippines compiles a list of reasons why it is important to educate our kids about real estate.
- They Learn the Value of Hard Work
Growing up in a household with baby boomers as parents who place home-ownership in high esteem, many of us learned that owning a home is not as easy as it seems, but that it is very achievable if we work hard for it. Many of my peers casually jump from one job to another—or worse, resign from their jobs just because they feel like doing it—and this has huge implications on their financial standing. Many of them take years to finally sort out their finances to get approved for a housing loan, which could have been avoided easily if they understood the importance of job stability very early on.
- They Learn How to Negotiate
If one is buying real estate, he or she can seek the advice of a licensed broker or even a lawyer get good insight into fair and reasonable price. But then it will be up to the buyer to negotiate the price with the seller. Oddly, many people are not comfortable with the idea of negotiating; however, if we do not negotiate, we stand to lose a lot of our hard-earned cash. But teaching kids about real estate, you also teach them the importance of negotiating. It helps them gain confidence to walk away if a deal simply is not favorable. This will help them a great deal in life as well, as negotiating is part and parcel of our dealings every day (salary, for instance).
- They Learn the Importance of Good Credit Standing
I am sure many of us saw our friends and relatives wallow to the burden of credit card debts, and how many of them were unable to get a mortgage due to dismal credit standing. This prevented many from owning homes. If children are taught real estate at an early age, they will understand how compromises will have to be made in order to remain financially stable, which is the first step up the property ladder.
- They Learn to Plan for the Future
If parents teach their kids the importance of real estate, we are teaching them the importance of planning for the future. Although parental instinct pulls most parents to assist their children in any way possible to move up the property ladder, this only teaches them to be overly reliant. What parents can do is nurture their independence and teach them the value of hard-earned money.
Preparing kids with the necessary tools to help them find the road toward financial independence and home-ownership is one of the most valuable lessons any Filipino parent can give. This will in fact be more valuable than cash gifts or financial support, as it will enable them to manage their own finances and stand on their own feet well into the future.
Lamudi is the Philippines’ fastest-growing online property portal and is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 500,000 real estate listings across its global network. Primavera Residences, the first multi-awarded eco-friendly property in Cagayan de Oro, is one of the properties presently listed in Lamudi.
(Article source: Lamudi PR)