The reason millennials are not buying homes is that there is a shift in young people’s priorities. According to a recent study by Realty Mogul, 47% of young people between the ages of 18 and 34 rather spend their money on traveling than buying a house, compared to the 26% of those ages 45 and older who said the same. As young people prioritize on smaller luxuries, such as restaurant meals, and a daily Starbucks run, ages 18 to 34 told Realty Mogul that they rather rent over buy, if that means they could afford such indulgences. This article will help guide new homeowners in being able to purchase a real estate property and turning it into an investment property. The Local Records Office offers a copy of the deed and property profile to make the right purchase price and helps you by establishing your financial goals, to be able to travel and buy a home.

Recent data from Apartment List shows that although 80% of millennials would like to purchase real estate, very few young people are in the position to buy

As you do not need to choose between the two of traveling and buying a home, when you have a different mindset and are willing to make some sacrifices to earn some potential side income, this is a helpful guide on how you can do both!

Purchase a home that is well below the price point of what your lender tells you that you qualify for

While you get a home that leaves you money on the side to cover major expenses and closing costs, you can also budget in for a couple DIY projects to fix the few things inspection might have missed or some minor cosmetic issues. And ultimately you will be more prepared when something comes up unexpectedly, or you could be using that money towards a new traveling venture.

Buy an investment property that will make money while you still have a primary residence to come home to

A house that has a detached studio apartment, a duplex, triplex or four-plex is an ideal option for first-time homebuyers to make a lucrative income while still being able to travel.

Be sure to look into a strong rental market area, so that way rental potential is higher than your mortgage as well as covers any property management expenses. This will help you set-up for the right path and buy a home that brings you income and does not give you trouble while you are enjoying that lime margarita on the beach resort you planned a year in advance for your anniversary with your loved one.

“Airbnb is another option, where you let other tourists visit while you still live in your home” says the Local Records Office

Buy a fixer-upper

As there are a few houses on the market, it might be rather difficult to find a fixer-upper at a decent price, though, when you do come across one, do not be so quick to say no. Sometimes a simple fix will take you a long way and can make the home look brand new again. And meanwhile, you also have the option to buy some supplies and rent machines to do the work by hand to repair and replace and continue saving money for that next trip.

vAlso, keep your eye out for those local outlets that sell discounted supplies, and you may be surprised what kind of unique DIY projects you will start picking up to make your home feel more “homey”.

See the long-term potential

As all the younger generations watch these television shows to fix and flip homes and the potential of high earnings, sometimes a more long-term investment will be the best bang for your buck as you will not run into as many issues. Plus not getting so involved in the property will give you more leeway to plan to have a family and have that desirable vacation time you were always looking forward to.