It’s difficult being a millennial these days. Costs of basically everything are going up, and wages aren’t down per se, but comparatively speaking they’re not doing so well, not even keeping up with inflation levels. As a result, millennials are accidentally killing off slews of industries that it turns out they simply can’t really afford to support. Thankfully real estate is one industry that appears to be murder-proof when it comes to millennials, but the end result is simply that the younger generation is renting moreso than buying. That doesn’t mean it’s impossible; in fact, owning a home rather than renting an apartment is more important than ever.
- Appreciating Value
Property appreciates in value. That means that as time goes on, the value of the property goes up, especially if it’s well-maintained or if its surrounding area is taken up for development. A nearby mall or successful commercial area would greatly affect its appreciation value. That’s a stark difference from cars, for example, which will never be sold for more than they’re purchased for and oftentimes, car owners let their cars go at a huge loss. Therefore, if one is looking to invest, they should look at House and Land Packages, instead of eyeing up a brand new car.
- Something to Give Your Kids – or the Community
If you rent an apartment, when you die, someone will come pick up your body (assuming you didn’t die somewhere else), some combination of your family, and movers hired by the landlord will come take away all your stuff, and then the apartment will be jazzed up a bit and someone else will move in. You’ll probably live on in an urn on someone’s fireplace, but those aren’t exactly high in demand these days. What your kids, or nieces or nephews, really need is a place to live. If you own a house you can leave it to your next of kin so that they can maintain your memory or just stay warm in the winter. If you don’t have kids or really hate your family, you can specify for your house to be turned into a tiny library or a museum or an orphanage or whatever else suits your fancy.
Many landlords are awesome, agreeable people. Some aren’t. Either way, why risk it? Paying property taxes is no fun, and neither is being liable to clean up your own section of the sidewalk in front of your house. But it’s better than unpredictable rent hikes, and when your leaky pipes need fixing, you get to decide when they get taken care of.
It can be hard to make an apartment feel like a home, and sometimes you’re not even really allowed to. It takes all the fun out of putting up posters and fun wall-hanging decoration pieces when you’re spending all your time wondering how much of your security deposit you’ll get back after you finish filling in the holes yourself. And how does the landlord feel about paint? If you own your own home, you get to make it your own.
Okay, so now you own a house, but you’ve decided you want to travel the world or move back in with your parents or something that leaves you not so much in need of a house. That’s okay; you can rent your house out and pull in a steady income, or turn the land into a nice community garden. If you’re thinking in the opposite direction, you can try to pick up some of the property surrounding yours and build additions to your house. There are a lot of new opportunities for income (or expenditure) that wouldn’t have been available to you otherwise.