A lot of millennials are nowadays are not so keen on buying a home just yet. Major factors include changes in lifestyle and tighter credit standards. Compared to other age groups, acquiring a loan maybe harder for millennials since most of them just came out of college and are still paying their students loans, making it harder for them to acquire a mortgage and making housing prices less affordable. Many millennials prefer to live in the city center hoping to find a better opportunity for their career. Since city centers relatively have higher prices for houses, many would prefer to just rent than buy. Some might even consider living in their parents’ home.
But why is it important to start early in Real Estate? What are the benefits of buying now than later in your life?
Aside from the obvious that buying a house is a sure investment, starting off early means more time for you to pay off the mortgage. Appreciation will get you a better value for your money in the long run. It's better to pay off your own mortgage than to pay someone else's.
Real Estate can provide you with financial stability and freedom in the future. It's like a forced savings account for your future. It gives you an opportunity to reduce liabilities and gain positive income through rent. Another thing is that a Home is a tangible investment. Even if you don't end up using it for income (through rental) or selling your property, you can use for yourself and your family. Everyone needs a shelter and a roof above their head. Starting young is the best time for buying Real Estate. I'm pretty sure you might have heard older folks saying they wish they had bought real estate when they were young.
You might wonder, how can I buy real estate if I'm still burdened with debt. The key is knowing what you can and can't afford and this time. Try to educate yourself. There are many sources you can find in the internet and you can consult a Real Estate professional for expert advice. If you're interested in buying your first home but don't know where to start, call me today and I'd be glad to have this interesting chat with you. If you're interested in buying your first home but don't know where to start, call me today and I'd be glad to sit down and have this interesting chat with you.