Millennials view market with different lenses

The change in approach to the property market between generations is fascinating to witness, and if you are currently looking to buy property in Limpopo, you may be interested to know that many millennials are not following the same path. The Private Property website offers you a wealth of knowledge on the property market, and often provides helpful tips from industry experts.

In an article recently, they put focus on millennials, who are now being labelled ‘Generation Rent’ due to the fact that they are favouring rentals over purchasing their own property. This generation consists of people currently between the ages of 21 and 35, and there decision to avoid buying is a combination of economic conditions and lifestyle needs.

One of the major reasons being this delay in entering the market as a buyer is because millennials have a different view on getting married and having kids. Many are delaying this decision as they first look to consider the route they want to take in their life, and because there is no rush to settle down, there is no real need for a base for the family.

On a financial side, many millennials are finding it difficult to secure the finances needed to purchase a home. Deposits are enormous when compared to years gone by, and many people simply don’t have access to the required funds. Added to this, banks have strict requirements which can make it almost impossible for some to secure a hoe loan.

Looking at lifestyle needs, many millennials want to live in upmarket areas, but still have the flexibility to make major changes if the right opportunity arrives. Renting comes at a lower cost, as you cut out rates, utility bills and insurance, while the landlord is also responsible for a lot of the home maintenance.