START YOUNG / WHEN SHOULD YOU BUY YOUR FIRST PROPERTY? / BECOME A PROPERTY AGENT EARLY!
The title pretty much tells you what is going on today. This is for the young and uninitiated, what you should be thinking about when you are young, what the benefits are and why. For the rest of us, the time is now! Share this to those who fall into the 19-30 age bracket and hope it inspires them.
Inspiring the youth
The inspiration for sharing this comes directly from Aaron's personal experience, both his own journey from young and also what he has seen throughout his work as a real estate agent. The advice and comments from Aaron is suitable for those aged 19-20 onwards, as any younger and they will be doubtful of the 'boomers' or anyone that is just older and attempting to dish out advice.
The best time to start is always when you are young, as the expected timeline is longer, you get more concessions while having less commitments.
We start with looking at property buyers, of which many are young in today's market. We meet some prospective buyers aged 20-26 who feel like they are young, they have time and thus can afford to explore and look around, can still wait.
The main benefit of buying when one is young is the loan tenure. Being younger means you have a longer loan tenure, being able to afford a higher amount for your downpayment paid. For those going for BTO and new launch EC, buy young in order to be able to sell the BTO or EC at 32-35 years old. With that, you can buy a private property in your 30s with another 30 years loan tenure.
Witnessing young buyers in the market, making their purchase at 25,26 years old, it brings to mind Aaron's own experience. He bought his property around 26 years old, and is able to sell at 32-33. So essentially, he can decouple and get a next property at 30 years loan tenure.
Thus, for those who can and are considering, buying young is highly recommended.
It's also the same for those looking to earn money, be it from starting a business or joining the real estate industry. Achieving success in the industry is about building, building experience, knowledge and network. There is more time to build if you start young, and the chance to build something bigger by your 30s is only possible if you start early.
Aaron recalls himself starting out at 21 years old in the real estate industry and at that age, it's possible to eat at home, live by depending on your parents and it's okay if one does not make it. The risks and commitment involved increase as you get older and that's why Aaron will always recommend someone young to get started in the real estate industry as early as possible.
Leap of faith
As the real estate industry is one that does not take into consideration academic results and achievements, it's more important to believe in hard work and have the right attitude to be successful. The young people need to take a leap of faith in order to gain success in the industry.
Undeniably, it's difficult at the start, but rewarding in the long term to get the income they want and need, bringing this income earned back home to the family. At 21 years old, Aaron himself too did not have the referrals ready, you would still have to go out to meet the mass market.
Start early to benefit from it and it gets harder as you get older. It's too late and too risky when you have commitments and liabilities.
Listen to this inspiring video from Aaron about starting young, and how to reap the benefits!