Buying a first home for Millennials and Gen Z was already a challenge, but has become even more difficult over the last few years. In this video I share some of the tips and suggestions that I applied that allowed me to make my own home purchase last year.
Despite the challenges, you are the best person and the most effective person when it comes to changing your financial situation. Simply understanding and believing this is a major first step in moving towards home ownership. Nevertheless, do consider the cost implications of purchasing a home and whether it is the right time and the right thing to do given your current circumstances and expected future situation over the time that you expect to be in the house.
From a financial perspective, be sure to stay on top of your debt situation - pay off as much of your outstanding debts as possible, and developing good spending habits (ideally before you get to the point when you want to buy!), as this will give you the best chance at securing a mortgage with good conditions. Saving money of course plays a role too - be sure to be intentional and set a goal that keeps you driven and motivated.
Be open to changing your expectations of what your first home might look like, your first home doesn't have to be your forever home! It's generally easier to move up the property ladder once you are on it.
Finally, though you shouldn't rely fully on them, if there are help schemes available - by all means make use of them!
Chapters: 0:00 - Intro 0:53 - The current struggle 2:15 - Change your mindset 4:28 - The right financial decision for you? 6:34 - Keep debt under control 8:25 - Intentional saving 9:50 - Revisit your expectations 12:13 - Bonus: Help schemes
My name is Jonny, I'm a financial analyst from the UK, currently living and working in Spain.
I created this channel to help and inspire young people to improve their financial situation and live life to the full by sharing my own experiences with money and living abroad.
I upload content on a weekly basis about personal finance, how to invest your money, tips to help you save more money, real estate and property, and travel and living overseas.
Everybody is welcome in the Millennials With Money community! Let's get this money!!!
DISCLAIMER: The opinions and views shared on this channel are for entertainment and educational purposes only and are not to be taken as financial advice. Always conduct your own research prior to making any financial decision. Millennials With Money cannot be held responsible for any financial loss incurred from any decisions you make following this video.
