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July 09 Househunting Blues-Young People in a Daunting Property MarketTo people in their 20s and 30s,owning a home represents autonomy and fulfillment.Most dream of emerging from under their parents' wings and building their own nests.
However,soaring property prices have made it ever harder for young people of lmited means to find a place of their own.Should
they bite the bullet and buy,taking on a heavy mortagage a "slave'' to their homes?Or should they lower their expectations and rent until they are better able to afford their own home?Today's young people are now wrestling with vert question.
Tip 1:Don't buy,rent!
In his bestseller Lower-Middle No Shougeki,Japanese economist Kenichi Ohmae urged young people not to buy into the housing market.He argued that in this era of low salaries and high prices young people should save their money rather than spend it on a home,and should shorten their commutes by renting downtown housing near their workplaces.Ohmae believes that this will provide them with fuller,richer lives.
Tip 2:Don't overextend
Experts recommend that those who have scraped together enough for a downpayment and have the opportunity to at last become "snails with shells" carefully consider issues before buying,including the size ,location,and functionality of the home they need,as well as the size of the mortgage they can afford.after all,they don't want to become slaves to their home and mortgage.
With the cost of goods rising,the government is likely to raise interest rates to rein in inflation.When they do,homebuyers will face higher mortgage payments ."Young people need to be conservative when they can afford or they may end up regretting their decision. Comments (5)
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