An 8-year-old girl from Melbourne, Australia, has become one of the world’s youngesthomeownersafter being listed as a property owner at the age of six.
According toAustralian Law, anyone under 18 years of age can own and purchase a property with their name on the house title.
An 8-year-old girl from Australia has become one of the world’s youngesthomeownersafter being listed as a property owner of a US $440,000 home at the age of six
Image credits:OpenCorp
Cam wanted to plan ahead and save his children the stress of finding ahomein the future.
In ten year’s time, once the kids get older, the father predicts that property prices will be“astronomical.”
“Historically, every seven to ten years, property doubles in value,” the 50-year-old dad explained.
“I’ve been investing for 30 years, and now is a great time to invest based on inflation decreasing and the prediction of interest rate drops.”
Thepropertyhas been put into a trust, and Cam and his wife Felicity will keep it until Lucy and Angus are in their early 20s.
By then, Cam estimates that the “full growth property cycle” will have significantly increased the house’s value.
To teach the children the value of money and hard work, Cam and Felicity gave their children money to do household chores.This approach enabled the children to feel a sense of contribution, no matter how small, towards the purchase of their first home.
“Financially, they have each contributed $2000 [USD $1,314], and they have saved that up,” Cam told the Australian outlet7 Newsabout his children’spocket money.
The McLellan siblings raised pocket money to contribute to the family purchase
“It’s written for my kids to use when they’re old enough, so I’ve outlined all the steps it takes to build a property portfolio,” the proud dad said.
Cam and Felicity purchased their first property together in their early 20s with the goal of becoming “financially free.”
“The tooth fairy must pay OK nowadays,” someone joked
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