Millennials: Buying a home now is worth it.

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Image taken from insperity.com

This article was written by Samantha Brookes, taken from Business Canada. The article focuses on Millennials and the importance of buying a home ASAP if you can. Most people would assume that because Millennials are generally young they aren't too active in the Real Estate market, however this is far from the truth. In fact, half of the populations Millennials own a home right now, and those who do not are planning to buy a home within the next 5 years. If you are a Millennial it is important to keep your future home on your priority list, because it will benefit you in the future.

Some ways to get started: 

1) If you want it and can afford it, just buy it -- even if it's not in a prime location. 

 Toronto and Vancouver are among the most expensive markets to live in Canada. So instead of focusing on living there focus on other locations which you can afford. It may not be convenient however it will benefit you in the long term by building equity.

 2) Share with friends and family 

 Millennials nowadays aren't making as much money as they would like to be and it could be very strenuous to handle all the bills that come along with purchasing a home. A smart way to get rid of some extra baggage is sharing with friends or family, this way the payments can be divided and everyone can gain equity on the home.

 3) Think long term 

 Millennials have a different values than those of other generations and are more focused on getting their dream home. However, it is important to think long term because achieving your dream home is nearly impossible on the first go. Instead think smaller at the beginning and prioritize what is necessary. Getting a smaller home will help to build equity so that later on the money you accumulated can be used to get your dream home. 

 4) Prepare.

 It is important to always have your goals laid out. If you have no money sitting in the bank it is important to build yourself up. Experience is needed to get a good job, so as a Millennial if you need to go back to school to gain more credentials to get a better paying job this could be an option. Even if you are not making a lot of money it is important to put some aside each month towards a new home. Also your credit score is also a priority because a damaged credit score can take a long time to repair. 

 TREAT YOUR FUTURE HOME AS A MONTHLY BILL. 

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