I see this is becoming more common, buying a house for a child and renting it out until they are legally allowed to own property.
Has anyone done this before? Can you tell me how it worked? What is the best way of going about it legally/financially/tax obligations?
Does the house go under their name, or our names?
Is the mortgage under their name, with us as guarantors?
How does tax work if the house belongs to them? They have no other income.
Is it better being bought under a trust that dissolves when they are 25 or similar?
We are meeting with the bank to discuss and they will probably have some advice.
Any hints on the kids not feeling spoilt and entitled with this system?
Has anyone done this before? Can you tell me how it worked? What is the best way of going about it legally/financially/tax obligations?
Does the house go under their name, or our names?
Is the mortgage under their name, with us as guarantors?
How does tax work if the house belongs to them? They have no other income.
Is it better being bought under a trust that dissolves when they are 25 or similar?
We are meeting with the bank to discuss and they will probably have some advice.
Any hints on the kids not feeling spoilt and entitled with this system?
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