Everyone would love to own a piece of real estate in one form or the other. However, getting your
foot onto the property ladder is certainly not an easy task. It comes as no surprise then that most
young people simply give up on their dreams of property acquisition and ownership. But the hard
truth is that the benefits of property ownership outweigh the hassles of getting started. This article if
focused on providing advice for young property investors to help them get started on their investment
journey.
Educate yourself
To start with it is very important that you endeavor to acquire substantial knowledge on the ins and
outs of property investment. Some of the resources you can take advantage of to educate yourself
include; online publications, real estate blogs, books and property investment forums. Moreover,
young investors need to appreciate everything from property prices, government fees and charges, as
well as the various factors that can have a bearing on real estate. In addition, a firm understanding on
how property markets work is essential. Lastly, every young property investor must know about
budgeting, financial discipline, as well as the various financing options at their disposal. A basic
understanding of property valuations and inspections also comes in handy.
Seek advice
Another important step for young investors to take is seek the advice and input of qualified real estate
related professionals. It is of great significance to enlist their aid to help you have a better grasp of
the prevailing market. Furthermore, they can help you better appreciate your financial position and
help you pick an investment that meets your needs. Some of the professionals whose advice you can
seek include; estate agents, mortgage brokers, property strategists, accounts and solicitors.
Save
Unfortunately, it is near impossible to get started on your property acquisition journey without any
savings set aside. As such it is vital to start saving early if you want to buy a property. For most
After saving a deposit the next logical thing for you to do is identify a property you can afford. One
of the best ways that young investors can identify property within their budget is to think outside the
box. This can entail looking beyond the conventional standalone house. Consider for instance
affordably priced properties in emerging residential areas that many tend to ignore with no regard of
the perceived future opportunities around such locations. It is important to realize that for instance
your first plot of land is just a stepping stone to bigger things. Don’t over-extend yourself on your
first property, rather you can use it to build equity that you can use on your next property. Shared
ownership is another option you can explore to help you get started on your investment journey.
Identify opportunities
Young property investors must be able to keep an open mind and identify opportunities. Some
opportunities present themselves in the form of neighborhoods that are not quite as trendy. In some
instances, properties a little rough around the edges and requiring a little works can be priced just
enough to enable you to get your foot inside the property room. When you keep an open mind, you
will be surprised at just how many opportunities present themselves.
Stay informed
It is important to always stay informed and up-to-date with what’s happening in the property market.
There are so many resources that you can make use of to get a real understanding of the property
market. Property market reports will give you a sense of property prices and what to expect as you
aim to get onto the property ladder.