When young adults finish school and start working and build up their savings account, they start thinking of moving out and wanting to live with their friends, their partners or by themselves.
Normally these young adults opt for renting to experience without long term commitment just what it is like to live without their parents. But some others opt for buying their own property and living in it themselves or renting it out as an investment property.
So at what age is it acceptable enough for young adults to buy property and be able to make repayments on a home loan?
A young Gerringong resident (who has elected to remain anonymous) recently bought a small two bedroom unit in Gerringong and is living with a roommate. After saving all through high school and working for a number of years after, this young resident took the plunge and bought this unit.
“At first I wanted to buy an investment property and still remain at home, but after a while I realised that I wanted to live out of home. Since it was a 2-bed room unit, I thought it would be smart to have a roommate which would allow me to pay off my loan faster. It’s now been a couple of months and I’m loving it!” This 23-year-old agrees in saying that “there is no age above 18-years-old that is too young – if you save and have income coming in that will sustain you long enough to pay the loan off, then go for it!”