Many people’s goal is to get into real estate. But the hard part is actually that – getting in. The need to enter the property market is fueled by the availability of several houses and the demand for decent living. This market has a lot of potential and opportunities for those willing to go deep into it. And that’s why you need to consider it as a millennial. It will get to a point where accessing the property market will be stiff. And we’re actually headed there. To make buying a home feasible, you’ll need to be creative, smart and hardworking. Thus, here are some of the creative ways that millennials can use to enter the property market:
Start Small
They say that a journey of a thousand miles begins with just one step. And that applies even in the property market. You may not have enough funds to own several houses and homes in the beginning. And that’s totally fine because everybody has a starting point. Unfortunately, many people tend to think that you just have to start big. And this is very wrong.
Take baby steps as you walk into the world of real estate. The property market is huge and you can’t really exhaust all of it right away. Therefore, patience is key as you grow. Start with whatever you can at that time as you advance later in the future.
Take Up a Weekend Hustle
The truth is that the property market requires some deep pockets. Thus, you need to ensure that you can access this or otherwise get alternatives. And one way to achieve success in real estate as a millennial is to take up a side hustle. Substitute your full time job with something else that can add a few bucks to your pockets.
You can take up any job or business to do on the weekend. Just ensure that it doesn’t compromise the quality of your other fulltime job. You should be able to deliver effectively on both.
Save the funds that you get from your weekend hustle into a dedicated account for the real estate investment. This way you don’t get to waste it on other unnecessary things. If you’re a couple, then consider taking up the side hustles together.
Negotiate a Higher Playing Role
As a millennial, you don’t get to be a puppet just because you’re young. You can be at the top if you work hard and smart. All that you need to do is to invest your time and not settle for less. Be confident in the value that you bring on the table. Don’t be afraid to raise your opinion, as it counts.
Don’t Go All Out on the Wedding
Unfortunately, many millennials spend a lot on weddings and other things. While a wedding is an integral part of a person’s life, it shouldn’t drain you off your finances. Budget within your means so that you can get enough to invest for the future. After all, your life still goes on after the wedding. And that’s when you’ll start to realize that there are lots of responsibilities at hand.
One way to save costs on your wedding is in the rings that you get. Depending on where you go to get your ring, you can save or lose money. There’s a jeweler in Sydney who can help you get the best deals on wedding rings. This way, you get to save some significant amount of money. You can channel these funds to something else of value.
After the wedding is over, as a couple, you’ll start to think about real estate and investment in the property market. And when you’ve spent too much on the wedding and remained with little to no investment, then it becomes a challenge. Raising funds for a real estate investment is just the same as raising the same for a wedding. Only that the scenarios are different.
Borrow the Deposit from Family
If you have a family member with deep pockets, then you might want to consider borrowing the deposit to use in real estate investment from them. The benefit of doing so is that you won’t have to take up on huge interest rates that are accustomed to banks. The deposit will help you to secure the initial investment into the property market.
You can even later pay back the money you borrowed through the proceeds of the real estate business.
Moving Further Out from the City
Living in the city is normally more expensive than out of it. Therefore, you may want to consider real estate investment out of the city. Buy a house that’s a little farther from the city center.
Doing this will help you to save a good amount of money. And it’s a great option for millennials that don’t have it all yet.
Final Thoughts
The above are creative ways for millennials to enter the property market and make some good money out of it. Remember that it’s always possible to make it big in real estate, as long as you have the will and minds to do so.
