12/08/2022
NOT EVERYONE IS READY TO OWN A LANDED PROPERTY, BUT IF YOU ARE READY, IT IS ONE OF THE BEST INVESTMENTS YOU CAN MAKE
This is especially true for younger people (the Millennial generation), who arguably have the most to gain from buying a property.
Millennials make up the largest group of first-time property owners in the world, and many in their 30's and even in their 20's are coming around to the benefits of buying their first property.
Unfortunately, many factors are keeping Millennials from becoming land/house owners —education fees, a volatile job market—but the numbers are improving. Here are three benefits of buying a property while you are young:
1.SPEND MONEY SMARTER: Making monthly/yearly payments on an apartment you'll never own can be frustrating, and escaping from the cycle of renting is one of the biggest reasons many Millennials give for wanting to own a home. Putting your money toward mortgage payments instead of rent gives you something to work toward. Many young homeowners find that the responsibilities of homeownership lead to developing better financial habits in general.
2.INVEST IN YOUR FUTURE: If you're like many people, a house is probably the most valuable thing you will ever own, but it's more than that. Most real estate increases in value over time, and buying a property at a young age gives you something of great value that you can sell when the time is right—probably for a higher price than you paid for it. In Nigeria, property values go up even in the face of a devaluing currency, but if you make a wise choice in a property you choose to invest in, it is UNLIKELY that its value will decrease in the long run. High chances are when you reach retirement age, you'll be glad you bought a house when you were younger.
