The Benefits of Buying Young

The younger you are to reach that first rung of the property ladder the sooner you will reach the second rung. Owning property is not often at the top of twenty-something year old’s agendas, usually their career or enjoying themselves takes pole position. However, the sooner you take that leap of faith and invest in a property however small it might be, the sooner you can live mortgage free.

The property market goes in cycles. However, even in the instance where there is a dip, prices will eventually recover and supersede previous peaks. Regardless of this, owning property is a long-term investment strategy so any blips in the market do iron on. >>How To Make Money From Buying And Selling Property

By investing in your own property means you will be paying off your mortgage and not your landlords. Instead of paying rent for someone else’s benefit it can help pave your future instead. Some people might have concerns about the inflexibility of homeownership since it does not make financial sense to move regularly which is a breeze if you rent. Therefore, it is advisable to buy a property that will also be suited to the lettings market too. That way if you change jobs and need to move closer to your new office, you can easily rent out the unit you own. Plus if you have been able to save up for a new deposit, then you can expand your property portfolio and use buy another unit to move into whilst the first ones becomes a buy-to-let investment.

Making the first purchase needn’t be out of arm’s reach. Start small with a property that is easy to maintain to minimise any outgoing costs. The bathroom and kitchen are the most expensive rooms to replace so remember this when looking for a starter home. This is also likely not to be your forever home so buying in a popular area, building or an upcoming area will help you resell or let later down the line. >>3 Promising Locations With Under-2-Million Condominiums

The bigger your deposit the lower your monthly payment to the bank. If possible try and save as much ahead of your purchase to put towards a down payment. New projects often offer promotions as part of their sales which are great for a first timer buyer, since they might include extra expenses such as furniture as part of the deal. Shop around and see what you can afford with your budget, and once you have secured your property hold tight but consider what your next move might be. Saving each month and taking the capital appreciation from your starter home will put you in good stead for subsequent purchases.