People Who Don’t Buy in the Next Five Years Will Likely Never Own a Home
Why Waiting Might Be Your Biggest Real Estate Mistake: Act Now or Risk Never Owning a Home!
The state of real estate in the past couple of years has really made it difficult for people in the working class to buy their own houses. Many people seem to think that if they just wait, they will later be able to get the home they are dreaming of. However, that would be quite difficult to achieve in the next five years.
What You Should Assume
Based on the current trends of house ownership in the past couple of years, it would be safe to assume that:
There will be down years.
You must assume that there will be years when the buying rate of houses will go down. That is because as the prices increase, fewer and fewer people will be able to afford them.
The bottom price won’t go as low as you would expect.
You must assume that the cheapest prices of houses in the next five years will not be as cheap as you expect. So, you need to prepare for it if you are not planning to buy one now.
There will be people who will outbid you.
In the next five years, corporations and businessmen will be scrambling to purchase properties. If you do not have millions by then, you will most likely not be able to afford to outbid them.
This is your last chance as part of the working class to have your own home.
Assume that the next five years will be your last chance to buy a house. You have to anticipate that if you will not buy a house now, then you will never be able to buy one. Your competition then will be businesses and corporations. Since they will most likely be outbidding each other, there is really no space for you.
With all these assumptions in place, if you do not buy a house now, then you will never will. Then, you face another problem – rent. Without a house, expect to end up paying rent. And we all know that rent these days is sky-high. So, the choice is yours.
What Should You Do
So, with the current changes in property ownership these days, what should you do? Well, there are a couple.
Here are some of them:
Buy now if you have the means
If you have enough to purchase a house or loan one, then get your home now. The amount you will be spending now will be less than if you wait a few more years. If you cannot afford the house yourself, you can buy it with your friends or with your family. You just need to secure that house.
At that time, you will have to pay the mortgage. And it may seem quite a lot to pay but when you compare it to renting, it is better. It is better to pay a lot more for a house that will be yours in the end rather than pay for cheaper rent for a house that will never be yours.
Help others escape the rent and buy property together
When you have a house and not looking to buy a new one, then you lend a hand to your friends or family. If you have a friend or family member who is looking to purchase a house but does not have the funds, you can help them.
You can:
Help them pay off the down payment for the house
Lend them some money with little to no interest
Help them pay part of their mortgage
If they bought a cheap house, then you can help pay for renovations
You can also try crowdfunding for the payment of the entire house
Remember your assumptions for the next five years. Those assumptions do not apply to you but your friends and family too. Hence, help them out when you can.
Do the right thing
If you are a landlord or land owner you can help out those people who have the desire to purchase a house but cannot afford it.
If you are running an Airbnb or renting out some rooms, you can sell them to customers. You can put your Airbnb up for sale. If you have long-term occupants or have occupants who are looking for houses or apartments they can buy, you can sell yours. This will not only build up your portfolio but will also make it easier for your occupants to get a house where they are already used to living.
If you are a landowner, you can build houses and sell them. You can also divide your land and sell pieces of it to those who are looking for land to build a house.
Conclusion
The next five years are the critical years of owning a house. That is because these are the years when corporations are preparing for big land or property purchases. If you, your friends or your family delay the purchases of houses now, you may end up stuck in the battle between corporations and businessmen. If that happens, you will have an even lower chance of bagging that house.
So, it is better to get started on your house investment now. If you do not have enough money for it, you can seek help from your friends or family. You can also get a home loan. The mortgage you will pay later will only be for a couple of years compared to renting until old age. By then, you will realise that rent has already taken over most of your finances, and the sad thing is the house will not be yours in the end.