Owning a house is a substantial financial achievement, especially among young professionals. For one thing, purchasing a home does not come cheap for many young people who are just starting to build their professional careers. Meanwhile, there are also less expensive housing and accommodation alternatives, such as an affordable hostel in London Central.
Deciding whether to buy a house or to rent depends on several factors. This includes your financial capabilities, age, housing plans, and the real estate market trends in your preferred location, among a few. Factors vary from person to person, so renting or buying property is a crucial decision point you need to think of carefully.
Renting: More appealing for young professionals
A survey conducted by Rent.com revealed that about 85 percent of young adults who are aged 18 to 34 years old rents. While the numbers can decrease later on due to high rental costs, several factors make renting more appealing among young working professionals.
One is the rental space’s accessibility to their workplace. A lot of people work in key cities where jobs are mostly available. To lessen the time and money from daily commutes, young professionals opt to find a place to live that is not too far away from their site of work and commerce centers.
A lot of young professionals are more focused on their careers than starting their own families. This can be one reason why they are not yet conscious of their personal expenses. Still, it is crucial to be aware of the current real estate market trends so that you can make sound decisions later on.
Plus, rental properties such as apartments or condo units can have access to additional amenities such as a swimming pool or fitness center. Such facilities can be attractive to young professionals who like to unwind after a long, tiring week. There are also rental units that offer co-working spaces for remote workers.
These are some of the critical perks of renting that young professionals can enjoy. Still, it depends on their lifestyle and housing preferences. Regardless of their housing options, one must be aware of his or her financial capabilities and short and long-term housing goals.
Whether you want to buy or rent a real estate property, you should know how to avail one. You can pay in full if you have enough cash, but you can also avail of a mortgage loan. Before availing of a loan, make sure to have a good credit score and that you can pay on time.
Also, know your short and long-term goals. Are you planning to buy a house in the future? Are you also planning to relocate to another area and settle there for good? What are you looking for in a rental or a house for sale? Can you afford that property (regardless of whether you pay for it in cash or through monthly payments)?
Buying real estate property is a significant decision in an adult’s life. They don’t come cheap, so make sure you have enough money to buy or rent one.