Philip Marley — Why Should You Start Real Estate Investing Early?
All of us know the importance of time as it is perhaps the only resource we humans have; it is equal to money and sometimes higher than cash. It is unfortunate to note that when it comes to life and investing money, we hardly consider starting it early. There are numerous benefits to start investing in real estate early. It is no wonder that one of the best real estate’s industry leaders, such as Mr. Philip Marley and others advocate the idea.
Below are some of the main reasons you should start real estate investing early in life
1) You, Will, Have Significant Resources
Time is the greatest resource anyone can have. As a youngster, you will have more time to research, learn, and introspect. “Starting young will get you ahead and the lessen the impact of your mistakes, and you will have more time to correct them” simply put by Mr. Marley.
2) You Can Avail Loans More Easily if You Start Building Credit Early
The other benefit that comes with investing early in life is you can begin to build your credit which is required to get higher mortgages later in life.
3) Real Estate Protects you Against the Rise of Inflation
The natural order of inflation is that everything gets more expensive as time passes. Salaries increase, and similarly so do goods and services and in order to get the benefit of inflation, owning a property in a good market should see similar inflation. This means that your wealth is increasing along with the cost of living. Therefore, the earlier you are into the real estate market the less impacted you are by the rising cost of living.
4) You, Will, Be Better to Deal with Money-Matters
Financial management is an essential aspect of life, not to mention its importance in real estate. Starting young gives you many advantages over starting late, as you will be better at handling cash-flow and managing money on real estate investments. It is never too early to start in real estate, there is a raging debate in the United States whether a young person should pay the exorbitant college tuition fees or use the same money to buy a property. The economics have proven that the student that buys the property can end up in a far superior financial position over the long term.
5) Real Estate and Quality of Life
Philip Marley Real Estate expert says “We live in a world where people are craving to work from home, and even downsizing to tiny houses for a higher quality of living. We are seeing a sea change in how people view the work /life balance. Status is shifting from what I own to what I am able to enjoy. Owning real estate young sets you up for a higher quality of living because as the property grows in value and the mortgage payments reduce, surplus income becomes available so you can enjoy the benefit of the passive income.”
Conclusion: Real Estate can be very exciting as well as a profitable career. You are more likely to reap its benefits, starting at a young age than starting late in your life.However, be prepared to hold a property over a long period and don’t forget to budget for auxiliary costs such as attorneys, taxes and unforeseen repairs. Make sure you have the right insurance if you are letting your property out and read all documents so that you understand them.