The ‘live now, pay layer’ mentality often associated with Generation Y is being defied, according to the results of a recent national survey.
The findings of the Mortgage Choice 2013 First Time Property Investors Survey* show that younger generation Australians are shaping up to be savvy investors who are aware of the benefits of buying into the property market and are often willing to give up aspects of their lifestyle to fund their purchase.
Gen Ys were motivated to purchase their first investment property by the need to set themselves up financially for the future (75% of Gen Ys), followed by the perception that investing in property is more beneficial than the share market (47%) and rounding out the top three was the notion of planning for their retirement (43%).
The decision to buy an investment property can see some first timers having to overcome a few hurdles. The greatest challenge for Gen Y first time investors as indicated by them was saving a deposit (42%), followed by finding the right investment property (29%) and choosing their investment strategy (15%).
“The survey shows 75% of Gen Y first time investors are choosing to make lifestyle sacrifices to help them achieve their property goals. The top five lifestyle sacrifices included cutting back on general day to day spending, eating out less and limiting take-away food, missing out on a holiday, delaying a vehicle purchase and last but not least, cutting back on alcohol related expenses.”
If you want some information about buying your first home & how to overcome some of these hurdles please contact us today.