Millennials from Melbourne to Perth to Sydney and back are known to be particular about their decisions. They are eager to make a mark and create new paths. Even their lifestyle says so much about what they value the most. When buying a sizeable investment, for instance, practicality that does not sacrifice convenience is the choice for most—especially for the older millennials.
Buying a home is perhaps one of the most important decisions one will have to make in life. Many millennials are starting to go into real estate to look for a good home. The task can be overwhelming at first, though, especially for those who do not have prior knowledge. To help them with this endeavour, here is a short guide on buying investment properties:
City or Suburban Living
While living in the city might be the default choice for some millennials, there are many reasons it is not recommendable. For one, the high price of property in the city is not worth the convenience it comes with. The Hunt Club says there are numerous suburbs nearby that provide the same features, but are more affordable compared to homes the city.
It is a wise idea for millennials to choose a home they can own for a long time. There are simply more possibilities if you actually own the home. For example, you can put it up for rent temporarily and earn passive income. You can also hold the property for the long term then sell it for a good price afterwards.
Finally, millennials should consider how to finance the investment. They are most likely just beginning to build their credit rating, so huge loans might not come so easily. If you can, take possible tax incentives like negative gearing into account. This makes it easier to determine which home suits your financial situation.
Buying a home is the first step for many millennials to take control of their money. With knowledge on how to buy a good property, you can make the most of the opportunity and become more investment-savvy.