Young people in the 21st century have some fears about buying a home. Come and find out the main advantages of investing in a property at the beginning of your adult life.
Today's world does not always give young people much stability. In fact, when we consider all the current dynamics, it becomes possible to understand that young people in the 21st century live with a permanent difficulty in having stability, whether it's a relationship, financial or emotional related.
Parental leave, independence and building a family are all prevalent goals, and when it comes to owning a home, there are still many young people who find benefits in buying rather than renting.
But what are the real advantages of investing in a property while you are young? Today we will present you with 5 reasons to do so and why buying is a good option.
1. Availability and motivation
Difficulties in buying a home always exist, but the more time passes, the greater the difficulty in finding the time and desire to do all the work that the search for a property entails.
During youth and early adulthood, you tend to be freer and the enthusiastic desire to buy home can be a strong ally for you to see and analyse your options.
This more intense and passionate demand can be the key to getting a dream property at an affordable price.
2. Mortgage for young people
Another of the great advantages of investing in real estate when you are young is the privileged access to offers that are aimed exclusively at younger age groups.
Many banks or credit institutions have very particular options for their younger clients, offering specific advantages, which may be linked to bigger mortgages (which may reach 80% of the total property) and reduced commissions, specifically for those in this age group.
Thus, the mortgage that a young person can obtain for the purchase of their home can be much more advantageous and present better conditions than the one obtained later in life.
3. Reductions and incentives
Still in line with the advantages of mortgages, we also find one that relates to a rather large reduction in monthly payments if the young person has a lack of capital to buy a property.
These moments of need may, on the other hand, be overturned; A young person will always have the possibility of reducing their debt by paying off the mortgage and making a bigger investment.
4. Monthly payments versus income
The cost of living, as mentioned in various news headlines, are reaching high figures that have become unfeasible for many young people at the beginning of their careers.
Although buying a home implies a usually higher initial investment, the fact is that the monthly mortgage payments are lower than the income and at the end of the day, the property belongs to the person making these payments.
So many young people choose to buy, because they feel that they are investing in the future, and also because they know that monthly repayment of the mortgage is more profitable than paying rent to a landlord.
5. Achieving personal goals
More motivated, physically fit, and more willing young people are also those who can most easily adjust themselves towards problem solving, especially when they feel they are moving towards their personal goals.
Since the right home is one of these goals, the young person will have the opportunity to find a place of comfort and happiness that will allow them to better manage their emotions and finances, which is an essential factor for success.
Of course, in order for everything to go smoothly, it is always good for young people to have the support of those who can make their dreams come true. A good example of this is Engel & Völkers, a renowned agency with extensive knowledge of the Portuguese property market and the ability to ensure that all the youngster's goals are fulfilled.