How Generation-Y Can Own Their Own Homes

by Greg on January 21, 2015

Saving for a house

It is no great big secret that Gen-Y are finding it increasingly hard to buy a home, and instead of opting for the ‘weight around the neck’ of a home loan, are deciding to spend their money on holidays and shopping, along with other lifestyle-based choices. And why is this? Considering the way that home ownership is being touted as being a massive undertaking and on account of news articles and social networking articles on just how unaffordable houses are,you can’t really blame them for thinking that home ownership is now considered an unattractive option.

The people who need to be blamed for the shifting attitude to home ownership are the people who go around saying how unaffordable things are with home ownership – even if these people don’t actually own homes of their own. Consider just how much of an authority people like that are; they might never have even gotten to the point of collecting home loan information for their own dreams of owning a home. It’s no one’s fault, really, but the attitude as a whole needs to shift.

It is no big surprise that Generation Y don’t think there’s any point. Can anybody blame Gen-Y for going overboard on the shopping and for going on holidays and treks overseas when the very idea of putting money aside and saving for ages just to purchase one house appears to be so hard?

So instead of all the talk about how we can’t – how about how we can? There needs to be something about how you can make it affordable for Generation Y! So without further ado let’s look at how Gen Y can get a leg up on the property ladder.

  • Step 1:
    You’ve got to make it a priority and visualize your savings increasing to the point where you can buy a property. It will most likely be more expensive for you to own your own home than to lease – at least in the first couple of years and stages, and for a Gen Y individual that can be the difference between wanting to commit and buy something, or not. With the vibe among young people being to buy now and regret later and with there being an emphasis on purchasing and owning things, it may take some retraining, but attitudes can – and will – shift.
  • Step 2:
    Save like crazy and possibly move into something a little more affordable than you currently live in, if you’re a renter. For example, if you’re living in a house that costs you half of your wage every month, think about moving into a share house for a while, at least while you save for your deposit. Then when you own your own home you can practically do as you please!
  • Step 3:
    Don’t listen to the haters. People will tell you that what you are doing is silly and pointless, and this is probably because they’ve never had the courage to get out there and buy something for themselves or imagined that they could do it. Being a success in this is going to be about following your own dreams and not worrying about what anyone else says.
  • Step 4:
    Get familiar with the idea of being in debt. This is going to be your resting state for the next twenty years or so – so get used to it. The equity increases that you’re going to get from saving and buying now are going to be so worth it later – promise.
  • Step 5:
    Shop around. The idea of living in some suburb in the middle of nowhere may not appeal to you – but then you don’t need to live in it. Buy for your potential renters and not for yourself. You might get more bang for your buck that way.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: