FIRST TIME BUYERS strategies which could be ignited by the young investor and energy and zest they bring to the table . Big things can be built from a great attitude .
Since it has become a norm in today ’ s society for young people to cohabit , how much of an impact does this have on their ownership of property ?
It is a known thing that most young people of today do not view marriage the same way most oldies do , and this is based on their own observations of relationships , their own beliefs and visions for their lives . Therefore , cohabitation is quite common , and a lot of young people have chosen to do things together and build together . However , it is imperative that when young people choose to cohabit , that they have an agreement in place that outlines their ownership of property and other assets , and what would needs to be done should they decide to part ways . Young people may be crazy in love , but they are much wiser to know it may not be forever , therefore buying a property together requires some level of maturity and being realistic about life in general .
How important is it for young people to ensure that they have a healthy credit record since it either enhances or decreases their chances of owning a property ?
I have noticed that most young people that come into property ownership are usually quite clear and ready to purchase , meaning that they have made some serious decisions about money . They seem to know the repercussions of poor money management . Then of course we also come across those that have chosen the fun lifestyle , nothing wrong with that , but it may have a negative impact on their credit score when they do decide to buy or rent . I would advise that young people should look into prioritising the things that would make their lives less stressful , and this includes the freedom to live in their own space , which requires some financial discipline . It is that question of ‘ eating your cake and still expecting to have it ’ scenario .
SA Real Estate Investor Magazine JUNE 2022 47