Are you looking to buy houses for sale in Mason OH? However, being a millennial, are you still in dilemma? Real estate is one such investment that is historically consistent, but overtly traditional.
Growing up during the time of economic turbulence, millennial’s do not have much idea or appetite for investment. Obviously, this hasn’t been the script for the entirety of their lives. However, they indeed vary of overbearing economic system and standard/traditional investments than the previous generation.
With everything being financed, life seems more and more expensive. Also, the millennial’s are becoming less interested in investing in a market they don’t understand much. The real estate buying frenzy is supposed to kick them sooner than later, but the reality is they are on a setback because of the high housing prices, a low saving rate, and their own student loans.
We know that millennials still surely want to achieve the ‘American Dream’. Real estate is the key to build a solid long-term investment foundation. With that being said, real estate investment for the millennials is not actually a bad idea and we’re going to tell you and make you understand why.
Yes, we are going to explain to you why buying houses for sale in Mason OH or homes for sale in Springboro OH during your early years can be a great idea.
Reasons Why Real Estate Investment for the Millennial’s is not a Bad Idea
It’s obvious to have reservations while buying a home. The more you get your facts straight about why you should buy houses for sale in Mason OH, the less frightening the entire whirlwind process will appear to you.
The real estate market not just in Ohio, but across the world moves in a continuous cyclic motion, sometimes down, sometimes up depending on multiple factors. These factors include political stability, economic stability, natural disasters, and much more. However, over the years, a real estate property consistently gets appreciated. Also, property investment for a millennial can be viewed as a hedge against inflation.
The interest incurred and the principal amount of home loan can help you fetch some very attractive tax breaks. Most of the times renting a house or an apartment ends up being way expensive than just the paid rent. You don’t earn any interest on the upfront deposit/security amount you pay to the landlord. This can be as high as 8-9 month’s rent in a few places.
The most common misconception doing the rounds about buying homes for sale in Springboro or houses for sale in Mason OH is – you’ll be tied with a hefty financial commitment for the rest of your life. We can understand being a millennial where this thought stems from. However, the truth is owning a home provides you stability and an amazing ROI.
It’s true that housing loans stretch across a period of 20-25 years. However, with improved income sources, you can even clear your loan much earlier. People also believe that they need to pay off the total mortgage before they can sell the property which is not correct.
You can sell your property whenever you want irrespective of whether the mortgage is paid off or not. Also, you can earn a decent rental income if you move to a different place.
Rental Income can build Equity
Paying rent year after year can be a fruitless expenditure which you can never get back. Instead, you can use this money to pay back for the mortgage loan EMI’s of the house (your own property) and with each EMI you pay off, your equity goes up.
Real Estate Investment isn’t only for the elders
Today you no longer need to be in your 40-50’s to save money and achieve the ultimate ‘American Dream’. With the availability of easy and accessible financing options and better income sources, you can possibly buy a house in your early 20’s and pay off the home loan quickly.
Buying a real estate property being a Millennial is a sensible and smart decision. Your home will provide an anchor you need and a place to relax in peace after a tiring day’s work. With the availability of innovative and easy tax incentives, mortgage options, and an increase in income levels, investing in real estate is the way to go for the millennials.