Climbing to reach their dreams; millennials now have just as good a chance of any as owning their own home. A drastic shift has occurred within the real estate sector, with millennials now regaining their footing in the property market of what was once an unreachable dream.
New research findings show new age millennials are now becoming property savvy and cutting back on luxury items to focus more on investing and purchasing their own home. More than half of millennials are now cutting their dining expenses, reducing their travel costs and delaying major life events such as weddings, honeymoons or starting families to achieve their ultimate goal of owning their dream home.
Despite baby boomers’ inaccurate assumptions that Millennials are overspending, the data shows that they are actually the generation that spends the least on recreation, food and drink. With today’s economy and cost of living and inflated rent prices – it’s no wonder it has been difficult for Millennials to maintain a foothold in the property market to date. Is there hope for Millennials to reach their dream of owning their own home?
Yes, absolutely – and here are some handy tips to help you reach your goals:
Sharing Spaces
Becoming the new norm in accommodation, sharing is increasingly becoming more popular and affordable choice of lifestyle. Being able to gather money for a home loan deposit is no easy feat on your own. More young people including young couples are opting to co-finance and share ownership of a property. While this option requires transparency and trust between all parties, the ultimate payoff is more affordable living and a sense of community in your home.
Tiny Houses
Currently trending around the world, tiny houses are taking the rental market by storm, offering environmentally friendly and cheaper solutions to the young person desiring to be a homeowner. Tiny houses also require less power, resulting in lower electricity expenses – perfect for the single home buyer.
Identify your goals
When you’re ready to jump in and make the massive decision of buying a house – take a step first and be clear on your home-owning goals. It’s essential to educate yourself, research all available options and know exactly what type of house you need.
Get Financial Advice
Don’t simply assume that you can’t afford to buy a home. Seeking professional financial advice gives you the best opportunity to get ahead in the property game and learn what assistance is available. There are numerous financial assistance solutions for first home buyers including government grants and down-payment programs. Don’t miss out on reducing your home loan costs, and seek advice from the experts first.
Earlier you buy, better off you will be
Millennials who buy their home early are able to retire early. Owning a home from an early stage enables you to build lifelong wealth. By investing in owning your home, you are not spending money on ‘dead-rent’ and creating wealth avenues that open your finances up to new levels.
Happy Homes
Luckily for Millennials, owning a home is now in clear reaching distance and an absolute possibility for anyone wanting to escape the renting trap. With the economy stabilised, now is the perfect time to make your move in on your dream goal of owning your new home.
Who’s ready for that housewarming party?