The idea of buying your first home can be a daunting one for anyone.
But for young people buying their first property, it can be a difficult process, so deciding to rent, or sticking it out for a few more year’s at Mum and Dad’s seems an attractive option.
But, if you’re fortunate enough to do it, there are incredible benefits from getting on the property ladder as soon as you can.
Top 5 reasons to get on the property ladder right now
Property experts share five reasons to get on the property ladder whilst you’re young.
1. It’s a moneymaker
Once you’ve overcome the (admittedly large) obstacle of buying a home, there’s a huge opportunity to rent out sections (or all) of the property. You may have to spend a little extra to make your first home suitable for rental, but your mortgage could be fully covered by the rent received, and then some.
2. You’ll have personal freedom
Your first place doesn’t have to be your dream home, and that’s ok. But this home will give you the freedom to do what you want to do, when you want to do it.
3. You can unlock more cash
Homes in a good location will not only hold their value but can increase steadily over a few years. If you buy young, you can sit back and watch your home’s cost rise over the years and inject the profits into another property.
4. You can make it your own
When you buy at a young age, you’ll be able to customise your space much more than if you were to just rent. Whether it’s eating from a diner-style booth in your own kitchen, or having the bathroom you’ve always dreamed of, owning your own place gives you the freedom to style it till your heat’s content.
It’s a good feeling to know that you won’t be forced to move for a long time – if at all! Plus, having a solid base that’s yours will give you the confidence to really settle.
5. It’s a nest egg for retirement
With pensions becoming more and more rocky, it’s a good idea to start building equity young. You could spend tens of thousands in renting costs over your lifetime and have nothing to show for it. If possible, buy a home and build your wealth!