Being young is not an excuse. In fact, introspectively it is an opportunity. Being able to do what you want, how you want it, and where you want it is blessings ascribed to being young. But just because there is immense liberty out there doesn’t mean that you can be as impulsive as you can be. Assessing every choice you make is necessary as it has serious repercussions in your future.
Below are reasons why as early as now investing in a property is ideal for you.
While most in your age bracket are gaga over buying the latest gadgets, suiting up fancy clothes, or lurking in malls to purchase luxurious beauty products, you must look beyond this and ask yourself what are the value of all this after 5 years? Will they be as expensive as they are now as companies continue to innovate? Will you feel secure after purchasing these? Not saying that you should not reward yourself, but the point here is to be wise in spending your hard-earned money. Invest in assets which have more value that can help you be secured financially and individually. In real estate, the value of properties such as condominium increase as it matures in time. With slight improvements, its value can amp a notch higher.
Rent takes the bulk of an adult’s salary. Paying on a property which can never be yours in your life is not a sound investment. If you are going to rent a studio, a flat, or a house might as well consider purchasing a condo unit. Aside from the facilities, amenities, and services they offer you are ascertained that you are paying for something which you can pass down to your future children and grandchildren. After paying the unit, you would never worry about paying for any rent. You can allocate that bulk into other things. Perhaps, the gadget or vacation you have been dreaming of.
Work and Life Balance
Condominium units are generally near workplaces. In fact, they are scattered everywhere especially in busy business districts making it more ideal for you to have a good balance between your work and personal life. Everything you need is within arms reach and can be delivered right through your door. What’s more, you need not partake on the daily hustle experienced by commuters all over the metro. You are saving energy, most especially your time which is by far the most essential thing you need to do what you want.
A daunting yet terrifying move but altogether satisfying decision you would ever make in your life. Being under the care of your parents might seem to be the norm and most practical way, but this is counterproductive as you are not learning how to stand on your own; to do your own laundry; manage your expenses, and most importantly have the responsibility to take care of yourself. You are free to take risks and explore the world in an unfettered view. Being independent doesn’t mean turning back away from your parents. It is the exact opposite. You are sending an implicit message to your parents to watch you grow and learn from your mistakes. Of course, they will be there to catch you in large bumps you won’t be able to mount successfully.
Unlike adults, millennials have no rigid life commitments they need to fulfill. Meaning, you have the bandwidth to take on risks, motivation to explore, and money to invest. You have full control of your time, life, and money. All that’s left is for you to decide if you are willing to take on a bold move that will reap serious benefits in your future financial stature. And it won’t be a hassle for you as real estate companies offer flexible payment scheme and discounts to millennials who wish to invest on properties. Seize the opportunity while it’s hot and you’re young.
One perk of owning a condo unit is it is an income mining field. By opening your unit for rent, you can earn passively while maintaining your monthly income at your work. You are worry-free to your finances as you have a stable additional source of money which you can use for your leisure or invest in another property or condo unit. As young as you are, you are raking in money without a sweat.