Should I as a 17 year old view property as a financial gain or something unattainable?
My friends are primarily concerned with girls, cars and finishing college however most of my peers believe they won’t ever be able to afford all of the cost of purchasing a property and believe renting is a stress free option; I disagree as I see owning your own property as a form of financial independence.
Maybe moving out of home in the first place whether renting or purchasing a property is financial independence?
There are the obvious benefits of renting and for me these are, you are free from the ownership responsibilities of the property and what’s more, you aren’t responsible for the the general maintenance of the property.
I believe there’s one significant gain from purchasing a property that outweighs all positives of renting and negatives of purchasing a property; this is the fact that “A house you purchase can later increase in value and potentially mean gain in terms of net worth”
I have already started saving as a 17 year old as I’d like to one day be able to say that I “own” a property after paying of my mortgage. My Mother has always advised me to invest in property, she says “it’s the best asset you can have” I am sure not everybody would agree.
This is very important for me as I would love to own several properties with plans to become a Landlord. On the other hand this won’t be the same for everyone and for some people purchasing wouldn’t be a wise option; these may be dodging the massive purchasing cost, avoiding mortgage debt, people may just need a short-term lease if they are in a country for a short while and so on. You need to see what is best for you and do your research around it.
I definitely feel working within an estate agent in East Dulwich has helped me become better organised for when I am going to purchase a property and put all the cost into prospective for me, giving me a better chance to save the amounts I anticipate to need when purchasing.
However it shouldn’t be that if you don’t work for an estate agent that you aren’t aware of all the cost involved in purchasing a property, delve into housing possibilities it’s fundamental.
My opinions are all drafted from the fact that I see property as an investment. Others may see property as far more than that and therefore won’t be looking for the same things in a property as me however no matter your opinion on property I urge everybody who is looking to buy a property to evaluate what is best for you and become knowledgeable on all that is involved in purchasing and/or renting. Property can be far more than a financial gain with all the social and emotional attachments to a home.
Connect with me on LinkedIn – Darien Neavin
Email me on email@example.com