In general, it takes a Gen Z five to ten years to save up for a property deposit. So your first action is to start saving today, even if you’re not sure when you’ll buy. 😎
“Oh hey I’m Oshin! I graduated with a degree in marketing and communication. Currently I’m an Account Manager and also do a bit of PR and Social with a design agency called Designlogic. I have worked with amazing clients like BI, Jansen, BMS, Nestle, Westpac and right now Accenture.”
Oshin is one of the not-so-many Gen Zs out there who was able to purchase her first investment property at a very young age. 👏🏼
So how can a Gen Z succeed in wealth creation through property?
It started off with renting an apartment with a few friends.
Before moving into my own apartment, I was sharing a 3 bedder with some housemates. I remember requesting our ledger from the real estate agent for job and that’s when reality hit me — the moment I saw the amount of money we poured every week for someone else’s mortgage. Literally, rent money is empty money! Then this question kept popping up in my head that maybe if I worked a little harder and saved a bit more I could get my own apartment?
My partner and I weren’t set on the idea just yet but one day we decided to go on an apartment hunting trip to see a few brand new apartments in the neighbourhood (as a joke). Turned out we really liked it and I ended up showing it out my parents too (who would have thought?).
Here’s my take on this: I put aside more than half of my pay check every month for 3–4 months and so did my partner. We wanted to save up to additional $15,000 each and because he already owned a place we were able to use that as an equity, that was a huge help for us.
Buying my first apartment wasn’t easy at all because it took a lot of work and lots of trips to the lawyer, broker, and banks! (Prepare yourself for the worst! 🤓).
I was completely new to this and had no clue about buying an apartment so it was a huge learning curve for me. Although there were a couple of hiccups with the family as for us traditionally, moving in before marriage was not “ideal”, we knew financially for the long run this would be a wise choice for us.
I plan to continue growing my portfolio in the years to come, this time, engaging property professionals to help me make the right decisions, minimise risks and maximise my earning potential.
- Rentvesting — is buying an investment property and rent it off to someone’s else. That way, you can be close to employment or lifestyle factors you enjoy, while someone else pays off the mortgage for you.🏡
- Research, research and research — do you own research to clearly understand the Australian property landscape. Make the real estate market something you feel excited about. 🤙
- Start today — The earlier you start in the property market, the more time, leverage and compounding will work for you. So: save, sacrifice, and have a plan that sets you up for a financially secure future.💪🏿
Enjoy this post? Spread the words and tell your friend. The more the merrier and big rewards to come. Let’s make a difference & be Clever!