Ways To Teach Your Kids About Real Estate
Ugh, if we had $1 for everytime we’ve heard, “I never learned anything about buying or selling a home when I was a kid or young adult” we’d have enough for a down payment on a home 😱
We’re serious. And this is something that fires us up because our next generation of adults (or who are adults already) have no idea about the basics of real estate.
We’re not talking investing and flipping and building and developing and hard money and syndication.
We’re talking the basics of how to buy, how to save, why it’s important, how to build equity, understanding the overall benefits of being a homeowner.
If you’re a parent or you’ll be a parent someday we cannot, cannot, cannot stress enough how critical it is to start educating your children, teens and young adults in real estate.
It’s their literal future.
It’s how they will build the MOST wealth in their lifetime (sure, stocks and savings and retirement savings are great, but 𝘳𝘦𝘢𝘭 𝘦𝘴𝘵𝘢𝘵𝘦 is the most beneficial).
We’re serious, if you aren’t well-versed in buying or selling homes please come to us. Please let us help you help your children.
It’s their future.
1. Involve Them In The Process
If you are looking to buy or sell a property, involve your teenagers and young kids in the process. Take them with you when you visit open houses or attend meetings with real estate agents. This will give them a firsthand experience of how the real estate industry works.
2. Play Real Estate Board Games
There are several board games that are focused on real estate, such as Monopoly, Cashflow, and The Game of Life. Playing these games can help your teenagers and young kids understand the basics of real estate transactions, such as buying, selling, and renting properties.
3. Give Them A Budget
If your teenagers and young kids are old enough to handle money, give them a budget and ask them to look for properties that fit within that budget. This will help them understand how much properties cost and what they can afford.
4. Watch Real Estate Shows
There are several television shows that focus on real estate, such as Property Brothers, Fixer Upper, and Selling Sunset. Watching these shows can give teenagers and young kids an idea of what goes into buying and selling properties, as well as how to renovate and stage homes.
Watch with discretion, it's glamorized.
5. Visit Open Houses
Take your teenagers and young kids to open houses in your area. This will give them a chance to see what properties look like inside and how they are presented to potential buyers.
6. Partner With An Adult
Teenagers can partner with a parent, guardian, or another adult to invest their own money in real estate. The adult can provide the financial resources and expertise needed to invest in real estate, while the teenager can contribute time and effort to manage the property.
7. Real Estate Education
Teenagers can start learning about real estate investing early by taking courses, reading books, attending seminars, and networking with real estate professionals. This can help them build a solid foundation of knowledge and prepare them for future real estate investment opportunities
8. Talk About Your Own Experiences
If you have bought or sold properties in the past, share your experiences with your teenagers and young kids. Talk about what you learned from the process and what mistakes you made. This can help them understand the realities of the real estate market.