Ah, millennials. The so-called selfie generation. They want things fast and they want it now, but they are also known to be driven and competitive. Aside from that, majority of millennials also admitted that they don’t want to be “tied down” to a certain place or job, prompting them to avoid real estate investments like the plague. Which is a shame really, because if there was a generation that could really benefit from real estate, it would be them.
Here are 4 reasons why millennials should take advantage of real estate:
It’s Better Than Renting
Aside from being the selfie generation, millennials are also identified as the “renter” generation. Surveys say that as much as 60% of millennials don’t plan on buying properties soon. Majority of them would rather rent. Which begs the question: where is all that hard-earned money going?
The answer? To your landlord’s pockets.
Wouldn’t you want to come home to a place that was actually yours? Imagine renting out an apartment for, say, 5 years. After your fifth year, there is no difference: the apartment would still belong to your landlord and you’ll have nothing to call your own. On the other hand, if you spent that money in a real estate investment, then you can sleep easy knowing that you have a potential asset in your hands. Whether you’ll live in that property or turn it into a rental, the important part is it’s yours to do as you wish.
It’s A Source of Passive Income
Millennials are often known for their dislike towards 9-5 jobs, but a significant number of them don’t find ways to create passive streams of income. Ironic, right?
Simply put, passive income is where you earn money even when you’re not actively working. Real estate is arguably the best source of passive income out there. Imagine owning a property that you can rent out for twice or thrice the cost. If you invest in the right place, with the right location and appreciation rates, you can practically retire before you’re fifty. That means less time in the office, more time doing the things you want. If you’re a millennial who doesn’t want to be tied to your desk job for the rest of your life, you better invest in real estate while you’re young and able, especially since the real estate scene in the country is on the rise.
Now Is A Really Great Time To Invest
The Philippine economy has been labelled one of the fastest-growing in all of Asia. The Philippines is entering the so-called Golden Age of Infrastructure. Mega bridges and other structures are being built. Foreign investors, especially from the tech and IT industries are showing a lot of interest in the country. That being said, now is a great time to invest in real estate while we’re still on the cusp of development. This means that most projects are still within your budget. Once these infrastructure projects get completed, you can expect the value of your investment to appreciate just like everything else. This means that if you invest on a real estate property now, its value is only bound to grow. Unless you already have a lot of money and less responsibilities in the future, securing an investment in a couple of years rather than now would prove to be costly at this rate. So take advantage of the affordability and make your move now.
Developments are Adapting to The Millennial Lifestyle
Developers are keeping up with the times as well. These days, most properties have amenities that cater to the millennial lifestyle: jogging paths, yoga areas, WiFi zones, security services, and retail outlets are just the tip of the iceberg. They are designed to fit the millennial’s work-life balance philosophy. When you invest, the millennial investor won’t get a unit made of concrete; they are also buying a lifestyle. It sure beats living in an apartment with no security or amenities.