future planning and house prices

Mistermeaner

Probably wrong forum but there is alot of knowledgeable people here who's opinions I respect.

My son is 9 and is unlikely to ever be economically independent as an adult. He will most likely be ok living on his own but will need fairly regular assistance and support.

I want to start planning for supporting him (and am counting on zero support from the state) - obviously piling up a load of cash can't hurt which I will endeavour to do but was wondering if anyone had any ideas of smarter ways of doing that. Particularly as I want him to be the beneficiary.

Example: I live in a semi. The house attached to me is coming on the market in the next year or so. I have the deposit ready and could afford the mortgage - so I could buy it. It could be a btl for the next few years and then I could gift it to him at age 18..... I think.

Was also wondering about options of turning the 2 properties into 1 and thus avoiding 2 lots of council tax etc - something where perhaps he can have his own private space upstairs but I make the bottom communal with 1 kitchen and garden etc....

Random ideas and input welcome. I have no desire to be a btl landlord and don't want to speculate on property value but with a view to gifting the property in a few years time might that be a good move? No idea about tax implications.

I was initially just saving but now I'm aware the attached property will soon be available its got me thinking about whether it may be an astute purchase.

PasturesNew

How capable would he be of maintaining a life/home after you've left this planet? Does this only work while you're alive?

Mistermeaner

I'm 36 so hopefully another 40+ to go. I plan 10 years a head , will worry about the rest later!

wotsthat

I've always taken the view that the best thing you can do for your kids is make sure you won't be a burden to them so make sure your house is paid off, your savings rate is high etc.

I don't know your situation but making firm plans for a house for a 9 year old seems an unnecessary complication. Make yourself as wealthy as possible so you can do what's best at the time.

If you think BTL is a route to riches go for it. You could buy a bigger place instead that could be converted to semi separate accommodation in the future to give you some space and your son a chance at semi independent living. You don't seem sure how independent he'll be and he's only 9 so, again, I'd question whether you can plan for future unknown needs.

Money won't solve your problems but it'll make them easier to live with.