Focusing on inner-city real estate is one of the main mistakes that millennials are making with their money today. Of course, there’s no denying the appeal of inner-city living. Job opportunities are rife, and most city apartments are fit for the finest Pinterest boards. Not to mention that buying an apartment here means being in the thick of the action. There’s bars, clubs, and restaurants all around. In short; inner-city life ticks all those millennial boxes.
But, there are many more downsides to investment here than you might realize. For one; city apartments are expensive. In terms of square footage, you’re sure to pay over the odds here. Not to mention that apartment living brings a fair few limits given that you’re sharing a complex with others.
By comparison, buying real estate in a rural setting is an obvious choice. A country cottage might not fit your party lifestyle. But, let’s look at some of the reasons why it’s worth your attention anyway.
More for your money
If you’ve been looking at buying in the city, you’re in for a shock. The prices you’ll face in the country are in a world of their own. In fact, it’s often possible to get a four-bedroom country house for the same price as your one-bed city apartment. It’s difficult to sniff at that much space difference. Even if you don’t want something that large, you could save a whole chunk by opting for a smaller country house. Even dropping one bedroom could see prices dip drastically. And, that means a lower down payment, and a more affordable monthly mortgage. Given that fewer millennials are now able to break into property, that seems like an obvious plus.
Improve your investment
As mentioned above, apartment living has limits. Any changes you do make to your unit will need acceptance from the whole apartment block. Even then, you’re pretty stuck with what you can do. Knocking walls down and renovating rooms you already have will be the sum of it. And, that can increase the value. But, when you buy rural land like the options found at Sports Afield, you drastically expand your chances to increase value. Here, you can build extensions, or even outhouses and annexes if your heart desires. Get stuck in here and, before you know, you’ll be more than doubling your investment. You can’t say the same about the city, can you?
A chance to earn
As if that weren’t enough, rural properties also bring the benefit of a chance to earn. The only real way to earn from an apartment would be to crack out your computer and go freelance. But, rural living brings a whole host of new opportunities. You could start a farm, open an equine stable, or even offer fishing opportunities. All of which could become full-time pursuits or nice ways to earn money on the side. If you can make a go of this, there’s every chance that property will even pay for itself over time.