Housing Recovery? We May Have To Wait…
A Growing Relationship Between Milennials And Mortgages?
There have been numerous reports suggesting the current economy is making it hard for Generation Y to purchase their own property. While it is true for the most part, some milennials are winning the game. While most people in their 20s spend their income for social pleasure, one young adult in Toronto is taking life more seriously, as well as his finances.
Victor Godinho, a 22 year old working professional, purchased a two-bedroom condo, currently under construction in Toronto. What Victor has been doing is live at his parents’ house and saving as much money as he could, before making his first down payment.
Since he was young, his father played a big role in getting him interested in real estate, to the point where he even became licensed after coming out of high school. However, the main reason was so that he could get extensive knowledge about the field of real estate, which will serve him well now and in the future.
While Mr. Godinho plans to move into his townhouse when it’s finished, he likes that he has the option to rent it out. He also kept an “exit strategy” in mind. “I looked at where the property was, if it could be rented out and if it would be in an area that people would buy in if I sold it. I’m definitely reaping the rewards already. The project sold out and my townhouse is now worth more than when I bought it [for $270,000].”
He also plans to keep investing in real estate: “My goal is to buy one condo every year.”
While Mr. Godinho plans to move into his townhouse when it’s finished, he likes that he has the option to rent it out.
“Many of his friends are like-minded”, he says “My group of friends understands the value in real estate.”
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