Is buying a property worth it?
So being a young person myself, I always question is it really worth buying my own place at such a young age? I have worked in the business for 6 years now so answering the question myself has been a hard one to answer. Being young you have so many plans and ambitions and you feel almost nerve rockingly anxious to compete all your goals by the time you hit the big “Three Ohh” and most certainly buying is one of them.
But should stepping onto the property ladder be one of them? Everyone will most certainly have their own answer to this and I can most certainly vouch for most of your parents saying YES buy as soon as you get the chance.
The longer you wait to buy a property, the more costly it will get in the long run. The market has almost doubled every ten years since WWII. Wow… that’s a lot! And population grew by 5.7% between 2011-2015 (The Guardian) so the government needed and still need to build a lot more housing for us all but of course not enough supply means more £££.
But don’t forget about that bucket list you’ve got scribbled down in an old 2015 journal with endless cut outs of Peru and Machu pichu. Forbes posted an article stating that 20% of international travelling is done by young people. They call our generation the Millennials and it is becoming one of the most popular thrilling adventures that any young person can go on.
I plan to go travelling in 2020. A long time away but it will certainly creep up on me soon enough. I’ve worked out I can save just £250 per month and save just under £10,000 for a 6 month travel sensation.
£10,000… that’s a lot of money in the scheme of things and my parents will probably beg me to put that into property.
When buying a property in our generation, most of the young generation can’t afford to purchase a property in this day and age without having a little help from family or the help to buy scheme where you can put down as little as a 5% deposit.
That gets me too my conclusion. We all live one life. That one life we spend going to work and saving our money but for what? To take a loan from the bank for some bricks and mortar? So I can by that groovy wallpaper and call it a home.
Yes! Buy a property but complete your goals which won’t tie you down first. If you want to travel around the world do it young. Work abroad, meet new people and explore new places. Buying a property will come but don’t tie yourself into a thick career until it’s all out of your system.
At the end of the day, if your careful and clever with your money saving skills, you’ll most definitely be able to complete anything and everything if you put your mind to it!
I started work at 17 and I’m 24 this year. My career is heading upwards but there’s one problem. I want to travel. So I urge you to all do it now and before you knuckle down. You have your whole life ahead of you so make every moment count.