Buying our own property and being tied down by a mortgage is something that most young people dream of. It is, after all, the first sign of financial maturity and that our lifestyle is stable enough to maintain that mortgage – but, to many 20-somethings, this isn’t quite as achievable as we used to think.
Luckily, there are a few ways to break into the real estate market a bit sooner as long as you know where to look. Here is a handful of tips in terms of becoming a part of the real estate property market and maybe even some day being able to own your own property.
Or you could just continue to rent for a while; you know, to avoid being tied down by a mortgage.
#1 Look for property outside of the city
First of all, one of the best ways to own your own property a bit sooner than you thought is to move away from those expensive areas. Those of us who grew up in a city would surely like to own something there and live closer to our friends and family – but cities are, as we know, rather popular and dense with people.
The real estate prices will, in other words, be through the roof and it’s hard for anyone to get a foot in unless you get some help from your parents.
Try to move outside of the city instead and you might even be able to get something bigger. You can always sell it after a few years when you’re a bit stronger financially and move back into the city, though, so get started right away and continue your savings. You can have a look at this article for some great tips in terms of property hunting as well, by the way.
#2 Become a part of a property trust
Sometimes, buying your very own place and moving into it is a bit out of reach. You could still become a part of the market, though, and enjoy all of its ups and downs as well; just check out these commercial investment properties and you’ll know what we mean.
It basically works like the stock market in terms of being able to own a small part of a commercial property. It’s not yours to keep, in other words, but it sure is a way into a market that is usually closed up unless you’re a homeowner.
#3 Strike a deal with your family
If the real estate market continues to stay closed off and you’ve tried all of your other options, you might have to try the old-fashioned method. Your parents or other family members might own a property they’re ready to sell sooner or later – and you might be able to sweet talk them into selling it to you.
Don’t expect their price to decrease that much, though, as you’d surely like your parents or family member to enjoy their money as well.
The point is that they might be able to squeeze it down so that the bank approves you for a loan, and you can always come to a separate agreement with your family about paying them back the difference a bit slower.