If you are looking into purchasing your first home, why not consider turning it into your first property investment instead? Most people prefer to wait until they’ve got their first home before investing in property. However, nothing is stopping you from doing it the first time around, and it can work out highly profitable in the long term, given that you understand the weight of such a task. If you are considering it, then make sure you speak with a financial advisor first.
First Home Investment
Since the Covid-19 pandemic, many people have been looking at the property market with curiosity. Property values are increasing, and more people are looking to rent, and renting out a property is a great way to start out investing in property. Buying a property to rent out instead of using it as a home will pay off as you will be able to leverage your lifestyle, credit score and limited responsibilities into an investment. All it requires is some confidence, a knowledgeable approach, and some real estate judgment.
Is It Worth It?
Considering buying a property and making your first investment rather than a home is against the perceptions of personal finances. Carrying out such a bold move is very much against the general expectations of a first-time buyer when you consider the efforts it takes to buy a home. However, the required time and effort to turn it into an investment property are worthwhile if you’re ready for it.
The average British teenager will leave college for university or go straight into work and decide between renting or saving up for years to buy a property. The majority choose to rent, especially university students and people looking to get a sense of independence.
This timeline is acceptable for most, as it allows you time to increase your credit, save money and make the most of being young. However, if you’re in your early to mid-twenties with a secure job and finances, waiting until you’re older might not be the smartest choice.
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