Millennials can wait to own property
It’s not the end of the world if you’re only in your thirties and you can’t afford to buy a pad. If the idea is on your radar, that should be good enough. And if you just want to keep bleeding rent, who’re we to stop you?
About two years ago, a relative of mine asked me if I was going through an early mid-life crisis. I was 29, living abroad and sharing an apartment with two friends. Being six years younger, her life was the reverse of mine. She was 23, married with a baby, and living in a family home — a home she owned with her husband. She couldn’t quite grasp the life I was living, simply because I was older than her.
All I could think of at that time was: “You’ve chosen to settle, I haven’t.” That was my reaction. Being older, single and living abroad, she chose to judge me according to what she thought was the norm. And I guess in a way, that prodded me to retaliate by judging her for what I thought was the norm.
For me, sharing a house in your 20s is deemed normal. Sharing a house in your 30s — or early 30s at least — is acceptable. But, granted, the concept quickly loses its appeal once you reach your 40s. But I wasn’t in my 40s; so no, I wasn’t having a mid-life crisis.
As far as I was concerned, I was in a perfectly “normal” category (if that’s what we’re going to label it). But she made me doubt a lot of things at that time; home owning being one of them.
This can be a very touchy subject when you’re my age (31 for those that are wondering). And I can’t help but wonder, because of her remarks, if I’m lagging behind others my age.
Nowadays, it seems more and more people are jumping on the property-owning bandwagon. And if I’m being honest, I do get this pang of resentment every time someone tells me they’re a homeowner; especially when they’re of a similar age to me.
Granted, circumstances definitely dictate who can and can’t buy a home. And the sad reality in the UK is that unless you’re buying a place with a partner (or you’ve got a money tree in your backyard), then the chances of making a permanent base for yourself as a single 30-something, is slim to none.
I’ve got 10 years of full time work under my belt, but I’m still no further forward when it comes to climbing the property ladder. That’s a hard pill to swallow; but should it be?
See, I’m making steps towards eventually owning my own place — living in a tax–free country being the most obvious — but at the same time, I still feel a little sceptical about the whole process as far as the immediate future is concerned.
I guess in a way I see it as being tied down, and that’s not something I’m ready for just yet. The glaring issue for me is the commitment of owning a home. And it’s the experiences of friends that have shaped this sentiment for me.
I met a guy recently who landed in Dubai the exact same month that I did. Like me, he came with very little money and no savings. Fast-forward
I’d rather take my time when it comes to owning a home. I want to be financially ready for it, which I’m not right now. Yet too many people go into it blind.
to 2017 and he’s now a Dubai homeowner. He’s only three years older than me, but he purchased a villa costing Dh1.8 million earlier this year. He’s single, and did it alone.
I was floored when I found this out, but the more I got talking to him, the less resentment I felt.
Yes, he was a homeowner, but he was stressed. It was so evident. He talked about the fact that he was unable to fly home for the past three years because of his financial commitments. And in addition to that he was frugal with his money; but he had to be. It was desocialising him.
When I asked if owning a home was worth it, he paused. “No,” was the answer. But he did it for one reason. He was 33 and felt it was “about time”.
Then there’s my friend’s brother. Three years ago, after marrying his then fiance, he took a loan out to buy a home, all because he felt it was “the next logical step”.
Today, he has no qualms in admitting it’s a decision he regrets; one he hugely regrets. Supporting a wife and child, he’s now swamped in debt because of that loan he took out, and he’s unable to leave Dubai because of a court summons.
See, I think home owning is the right decision. It’s a great investment; there is no doubt about that. But it’s often a decision that is made at the wrong time, purely to keep up appearances.
Like my relative I talked about in my opening para, I was called out simply for not following the rulebook of life; life being home, marriage, kids, and all that’s in-between.
Yes, I may be late in my advances towards home owning, but I’m on the right path, and I’ll get there eventually; I’ll just get there in my own time.
My biggest fear in life is settling for the sake of settling, yet other peoples’ fears are just the opposite; not settling. That is something that has consequences on both parts. But from a personal perspective, I’d rather take my time when it comes to owning a home. I want to be financially ready for it, which I’m not right now. Yet too many people go into it blind.
I read a report recently which read: “Forwardthinking millennials are buying homes… (they’re) coming of age and realising it might not make sense to wait anymore to purchase their first home.”
But I have a problem with the phrase “forwardthinking”. Yes, the millennial generation may be more informed about the value of getting into their first home sooner; but because I’m choosing to wait (in a bid to avoid a financial tie-down), does that mean I’m not forward-thinking? Personally, I disagree. kelly@khaleejtimes.com Kelly covers education. She finds it endearing that people call her Kel