As Millennials gradually enter their adulthood age, they’re now expected to live like adults — paying their own bills before the due dates, live in a place they can call home, provide for their families (if possible). Basically, they’re expected to fend for themselves. And Australia is no exception to this Millennial scene.
However, the real world can be bitter at times. Clearly reminding everyone that “you can’t have it all.” As for Millennials, they can survive on a daily basis, but is do they have enough for savings and investments? There is no denying there are a lot of Millennials struggling to make ends meet. Others can’t even afford their own homes. Lightstone Property released a study stating the changes in living costs for 20 years — and the current situation is Millennials are foreseen to pay three times more than Baby Boomers. With this current situation at hand, how will they be able to afford their own homes or invest in real estate?
Experts tirelessly remind people these tips to Millennials and every generation who wants to invest in real estate.
There is no better time to start than today. When it comes to savings, the mentality of saving on the next paycheck will get you nowhere. Savings are still savings even if you put a little to it every week or every payday. Remember, the goal is benefiting from compound interest or interest on top of interest.
Grab the perfect chance
When it comes to timing, saving money and buying is different. In saving, the perfect moment starts now. On the other hand, buying a property is a long process before becoming a reality.
There are many factors you should consider and achieve in order to continue moving.
First, it’s better to have a well-maintained credit record or having no remaining credit whatsoever.
Second, the credit record should be backed up with saved money that is at least 10% of the purchase price for a deposit.
Lastly, which is a bonus, is grabbing the moment when it’s a buyers’ market — when there are more supplies than goods, giving higher chances of buyers make prices go down.
The bottom line is that as long as you can afford the property, you can start moving into building up your investment equity. However, always look ahead. Being able to afford the down payment is just a step in fully owning that property. As a property buyer, you should also include in your budget list additional costs, which include life insurance, household contents insurance, transfer duties, bond origination fees, and more.
Get expert advice
If you’re looking for Investment Opportunities in Australia, it’s best to hook up with real estate experts in order to have better insights regarding the market and available options you can grab. These experts are able to help you with every step of the way as they’re professionals and skilled in gathering information about the current and future trends. One of the best choices you can consult is National Brokers Network as they have years of experience in the field.