Nowadays, as a result of the economic crisis that is beginning to ease, most young people opt to continue living with their parents.
Still, once they graduate from university, independence starts kicking in or their relationship begins to take on a more serious note and their future goals change.
Suddenly, in the minds of these young people there is a thought: to leave their parents' house, get married, work, have children ... a dream that requires bricks and mortar - a house of their own.
Once upon a time, this was a difficult dream and could only come true after years of renting. But today, there are several advantages to investing in a property while you are young.
1. The dream
It is said that even the greatest journey begins with the first step. The dream of having a home begins with the first decision.
The decision to buy a property is obviously huge and should not be made in a haste. Thinking, calculating and measuring the pros and cons will be part of this process. But let us be honest: is this not the right time to take a step forward and make a decision?
2. Calculating the costs
Young adults should analyse the exact rental prices of houses that they would choose to obtain a mortgage on before consulting with banks with regards to mortgages. Nowadays, there are many offers of this type from banking institutions that relate directly and exclusively to first-time buyers. By doing this, youngsters often realise that it may be easier to secure a mortgage rather than pay monthly rent.
3. The options
First-time buyer lending therefore becomes an option when you wish to invest in a property while you are young. Most loans for young people are up to 80% of the total value of the property, while some banks reduce their processing fees by up to 50% as part of first-time buyer mortgage offers.
Ideally, to choose the best mortgage for you, it is best to search several banks and compare their interest rates. You should also read the terms and conditions carefully as some of the terms can be negotiated.
4. Paying the mortgage off
Apart from the advantageous offers from the lenders, the young buyer's mortgage deals allow you to make reduced monthly payments during the first few years before making the full installments. Along with this, buying a property while you are young will always make it possible to reduce your debt and increase your capital.
5. Personal Satisfaction
Another argument that supports the advantages of investing in a property while you are young is the possibility to live the best years of your life to the maximum, in a place that really gives you much joy.
After all, personal satisfaction is priceless!