If you fall into the millennial generation and have been looking at property for sale in Lydenburg, you may be interested to know that many others within your generation have been opting to rent rather than purchase. When browsing the property market, it is important to keep up to date on matters that relate to the industry, and by visiting the Private Property website, you can ensure that you are always properly informed.
In a recent article, they looked at the reasons behind millennials choosing to rent over purchasing their own homes, and interestingly it came down to a combination of finances and lifestyle needs. In generations past, there was a heavy focus on settling down once you had completed your studies and started working.
However, people between the ages of 21 and 35 have decided against getting married too young, and instead look at what they want from their lives before setting down roots. Because they have delayed this decision, it tends to roll down into their approach in the market, as there is no need for a family home if you haven’t started your family.
Of course, there are many people that do want to buy, but the current economic conditions make this task more difficult. Banks have fairly strict requirements when it comes to approving a home loan, while the large deposits require can also make it nearly impossible for some to purchase.
Then there is the convenience, which perfectly fits into the needs of millennials. By renting, they avoid having to deal with the costs of rates, insurances and even utility bills, while maintenance problems can be fixed with a simple call to the landlord. Lastly, the flexibility of renting is also a big drawcard, as it allows them to move on whenever the next opportunity arrives.
