An aggressive market can be difficult to enter at any age but more so if you are a young person. However, it is possible with the right mindset and with some tips to guide along the way.
Here are my top three tips on how a young person can enter an aggressive real estate market.
Parents are wonderful people who do all they can to see their child(ren) succeed in life. I have seen many parents come to the aid of their child in helping put a downpayment and there is nothing wrong with that. I suggest to ask your parents and to bring a business proposition. For example, state that the percentage was given will be returned once you sell the home.
Become a Landlord
Purchasing a home with a separate entrance is a great option to consider as it will allow you to have tenants. This will increase your affordability and decrease your monthly costs.
Purchase with a Friend
If your parents are unable to provide a downpayment or you have no interest in becoming a landlord, another possible option is to purchase with a friend. This has been a huge trend in the real estate market. The goal is to purchase as early as possible to use it as a stepping stone when buying your next property.
Above all, the three tips above can help a young person enter the real estate market sooner rather than later. Some options to think about and consider.
If you are looking to enter the real estate market, don’t hesitate to contact me as I would be happy to help.