Get on the property ladder at a young age and you will soon start reaping the benefits.
For some of us the notion of saving our money is drummed into us from an early age. A habit that can never start too young in order to pave the way for future success. Buying your own property is a milestone in anyone’s lifetime. The desire to reach the first wrung of the property ladder remains strong even amongst millennials. But why is being a homeowner from a young age seen as being important?
1. Paying off your own debt.
Renting property has its perks. It means that you are not tied down to a particular area. You have flexibility to move on. Plus if anything goes wrong in your rented home you do not have to pay to get it fixed. But the downside is that you are paying off your landlord’s mortgage rather than your own. The sooner you invest in property, the sooner you can start paying off your mortgage to become mortgage free.
2. Make it as your own.
As a homeowner your home truly is your castle. You have the freedom and flexibility to change the property to suit your taste, whether that is updating your kitchen or picking one the latest interior trends for your home. Plus any refurbishment works will add value to the property so it is a win win situation all round. Buying a property that requires work is an advisable move for those prepared to get involved in the work to reap the financial benefits that it brings.
3. Generates an income.
If you have a spare bedroom you could think about renting it out to generate a bit of an extra cash, to help with paying the mortgage or to put towards any works that are needed for the property. Some people avoid investing in their own property as they feel like it gives them less freedom to move but if you fall into this category it is important to make sure you invest in property that could rent well in the future. Speak with local real estate agents to determine what properties let well, for example if you have two bedrooms they should be of an equal size in order to appeal to two sharers.
4. Potential to reinvest.
The sooner you start paying for the property, the sooner you can live mortgage free. This enables you a better chance to start accumulating savings to either upgrade your property or invest in another. Even if you do not have a vast deposit to start off with it is advised to pick a small unit that will cost minimal to maintain. Not only can this be your first ever home but will give you a good footing for the future. Those that start buying property earlier in life tend to move up the ladder quicker and make money with every move.
If you are thinking about becoming a homeowner take a look at Dot Property’s comprehensive listings on available properties online here.
