Now that we are finally a decade into this century, all our 90s and early 2k babies are grown up.
They are either planning to buy a new property, or they have already – saved – investment – gotten and loan,
Ready to invest in their first property!
Thus, you have seen that millennials are getting really interested in real estate now.
They have seen a few good economic crises during the time that they are supposed to skyrocket with their new careers and adulting.
So, they have received their fair share of difficulties. The Covid19 is one of them.
Thus, they slowly understand the importance of real estate and other investments which can secure their future.
What Is Real Estate?
Any public or private property that one can own is known as real estate. This could be your land, house, or even a small portion of a big project.
You can buy to live, rent, or even list for further selling at a higher price.
How Do You Invest In Real Estate Properly
Here is a step-by-step process on investing in real estate and how to do it the right way.
This is because real estate can be an interesting prospect. However, it could also be intimidating for a novice.
Thus, in Teifke Real Estate, they give this guide to their clients.
Have A Clear Set Of Goals
There should be a clear set for investing in real estate.
First, ask yourself this question.
Why real estate?
Are you doing this because you are actually someone interested in real estate, or are you just another millennial trying to follow the never-ending trend?
Having a clear set of goals is the only thing that will help you get success in the field.
Do Not Step Without Research
Do not step in without everything that you need to know.
This is so that no real estate agent is able to fool or scam you. Yes, you definitely need to choose the right realtor.
Someone who is going to teach you a lot about real estate and real estate auctions.
However, you also need knowledge about the field so that they are not able to drill the wrong things.
Start Small Than Expand
Yes, you should definitely start small and then think about investing more. Whenever you are investing in a new field, you are yet to taste the losses that come with that investment.
This is one of the reasons why you need to start small and then go for the bigger properties.
Once you experience everything that the field has to offer, only then should you think about going for the more expensive ones.
Insure The Property
Yes, ensuring the properties is again another important step of understanding and making the real estate investment right.
You do not measure the time a disaster will hit or how much damage it is going to cause.
Thus, get the right insurance for all your properties.
This is to ensure that you never endure a huge loss of some kind from which you are unable to get out.
Decide Who Will Manage
You have to decide who is going to manage your property.
Or else, we do not see any concrete reasoning for you to invest in this property.
Are you going to live in it?
Or, are you going to rent it for some extra cash?
Or are you going to list it and completely get into the real estate market?
Before you buy the property, you should be able to tell a concrete goal for your to buy that property.
Why Millenials Should Invest In Real Estate
Here are some of the concrete reasons why you should be investing in real estate as a millennial.
1. Complete Lockdown
When there was a complete lockdown, people had slight difficulty in leaving their rent completely because they didn’t have a concrete property to go back to.
Thus, many decided to invest in real estate because they wanted a stable place to stay in.
No more rent and moving!
Since many offices have shifted to working from home and are still continuing with it, many saw it fit to invest in real estate.
2. The State Of Unemployment
When the entire world was in such a state, many had to take solace in their investment for their source of income.
This state of unemployment was an actual eye-opener for many. Millennials should also try to make a side source of passive income with their investments, and real estate is a much safer investment than anything else.
There are no major risks associated with real estate, and if there is any disaster, good insurance will be able to cover you.
3. Extra Source Of Income
Real estate is a good form of passive income.
This means you can invest in one or a few real estates, and you suddenly have a source of income that is stable and is at a continuity.
Yes, we are talking about renting these properties!
This is an income source that can go on for a lifetime. All you need is a little interior design, home renovation, and repair, and you are good to go.
4. Tax Benefits
There are some of the tax benefits that, as a millennial you can look forward to when it comes to investing in real estate:
- You can receive a rebate in your income tax returns when you are opting for a home loan
- Your monthly EMI interest will be deducted from taxes.
- You can claim the home loan’s principal amount as a tax deduction.
- If your total loan value doesn’t exceed a certain amount, then you can have certain tax benefits.
5. Lower Investment Risk
There are very few investment risks when it comes to real estate!
There are very few chances of you ensuring a huge loss or even getting into a fluctuating market because the market rarely fluctuates.
It is mostly about taking care of the property through regular renovations or improvements.
Get Investing Today
Being a millennial, if you are looking for new investments, or you are simply moving and renting out properties.
We would suggest you get into real estate.
For now, there is no better investment than that!
