Find out what is best for you if you rent or buy a home, by analyzing your lifestyle.
With the establishment of digital platforms in the workplace, the number of young people who quickly joined a competitive work environment increased, thanks to the ease they have to use and adapt to technological innovations.
In this way, young people who begin their working life at the age of 25 must already make decisions that will affect their present and future.
For some it is an early age to make long-term financial decisions, for others it is the best age to start planning ahead and owning real estate.
Usually when a young person begins their working life the first thing that comes to mind is buying clothes, gadgets and even a car, however, very few think about buying a house.
The current trend among young people is to rent an apartment or even a room.
Generally, it is rented with several roommates who share the expenses.
This lifestyle is comfortable in the short term because the expenses are small and it has the benefit that at any time you can change your address depending on the needs of the person.
Buying a home is often seen more as a problem than a benefit, since tying up a part of salary for so many years is not an attractive plan.
But at this point it is necessary to see the situation from another point of view, not having your own house means wasting your money on rent and paying a fixed amount on a monthly basis.
In the end, the accounts are still huge and there is no benefit because the money spent is only to use the property but not to keep it.
So, can you imagine that instead of paying rent, you pay your mortgage?
See it like this, if you are going to pay rent all your life, better pay your own apartment for 10, 15 or 20 years and then forget about it.
If you start at age 27, for example, and choose to pay the 10-year mortgage, at 37 you will already have your own home.
Is it true that there are advantages to applying for a mortgage loan these days?
According to Hank Boyer, influencer at LinkedIn, “The first 25 years of a person’s life are supposed to be the foundation-building years, where young people grow into adults and acquire the basic skills and education necessary to achieve peak performance. his career ”, as he wrote on his blog on this network.
After this training period, you decide that one of the next steps after finding a stable job is to leave home and become independent. This is the perfect time to consider buying instead of renting.
Therefore, finding a home requires good planning in which several aspects are considered, such as: type of work, age, future plans, priorities and lifestyle.
The decision of a purchase or a rental, and the way in which they face the process will largely depend on these factors.
Experts recommend, in the case of those who want to make a purchase, that they plan it from the moment they start working formally.
This is the time when your finances stabilize by not having a lot of debt involved, your financial commitments can be met with income and it is very likely that you will have considerable savings.
In this sense, the suggested age to buy the first home is between 25 to 35 years old, doing so in this period allows the worker to be in a position to acquire a second home before the age of 50.
Taking this trend into account, it is not surprising that the minimum age for a bank or financial institution to authorize a mortgage loan is between 18 and 25 years old.
Although these data are backed by specialists in the real estate sector, they are based mainly on the consumption habits of workers belonging to the Baby Boomers generation, whose age ranges from 46 to 64 years and who value reflected security more. in the acquisition of a home, before renting it.
They conceive in this investment the search to increase a patrimony that represents greater stability.
Their main argument against renting is that the capital that is used to pay rent is wasted without generating a right to the property.
Although with a more flexible behavior, the members of Generation X, with an average age between 34 and 45 years, also give preference to the purchase of a house although they give an opportunity to rent.
The idea is that the property is part of a mixed-use development or planned communities that provide them with housing, offices, hospitals, clinics, shopping centers and entertainment in the same space, while improving their quality of life.
In an opposite situation, today the preference for buying has been transformed with the consumption habits of the new generations, which are forcing all industries to evolve in their products and services.
In the case of the real estate sector, the priorities of the so-called “Millennial Generation” , people between 22 and 35 years of age, are diverting the traditional course of purchase towards the land of rent.
Its constant movement and its resistance to a rooting create a preference to focus its expenses on other matters rather than on property.
When talking about this group it is important to keep in mind that they currently represent the greatest economic force, so their habits undoubtedly create a strong trend that does not necessarily see investments as a way to generate fast returns.
Young Millennials who choose to buy a home do so for something small, be it a house or an apartment with the idea of investing in it, enjoying it for a while and then selling it to ask for a new mortgage loan and raise enough for a better housing.
Among their options are the most environmentally friendly properties and spaces that they can share with other roommates, in such a way that the expenses of a house are shared between 2 and 4 members.
Their interests, more committed to the development of the world and health, are developed mainly in more urban spaces, which allow them mobility to move from one place to another without problem.
Each generation has a different lifestyle. However, in all of them there remains a common idea: the importance of a space of its own that reflects your interests, your personality and that has a space for what matters to you.