The sooner you reach the first rung of the property ladder the better!
The aspiration to own your own property is still strong among the millennial demographic of society. People continue to want to own the roof over their head rather than rent someone else’s. But what benefits are there to becoming a homeowner at a young age?
1. Paying off your own mortgage.
As a renter you are lining your landlord’s pockets rather than your own. Should they have a mortgage on the property you will be paying that off for them and possibly providing a surplus that they can reinvest or spend. Become a homeowner means you can pay off your own mortgage, so the sooner you do it the better.
2. Make it as your own and increase its value.
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 creating your own feature wall or upgrading the kitchen or bathroom. Any refurbishment to the property will also 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. The sooner the better.
The soon you start chipping off at a mortgage, the better. The sooner you will pay it off and the sooner you will be able to start an extra pot of savings for your next move to a bigger property. Even by starting with a small unit will give you a great footing for your future, and provides you will your own bolthole. Those that start buying property earlier in life tend to move up the ladder quicker and make money with every move.