The perpetual millennial dilemma with home ownership and how to navigate it

2019-05-09 07:00
More millennials are buying homes and here's why.

More millennials are buying homes and here's why.

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The dream to own a house has been a universal standard of security for a long time. And for millennials it’s no different.

Despite talk that the younger generations aren’t purchasing new homes, the National Research Association found consumers aged 36 and younger represented the biggest share of home buyers – a booming 34% of all purchases in America. The same trend is seen in the South African market where, according to the oobarometer report for the first quarter of 2019, the current average age for first time bond applicants is 34.

Given the current climate of the digital era and the rich opportunities that innovative banking solutions provide, the next generation of home buyers are stepping up their game. With the right attitude and the right people helping you navigate through the home ownership dilemma, owning your first home is a lot closer than you think. Here are three reasons why:  

1. First time buyers’ mindsets are changing  

Buying property involves two elements, your emotions and your finances.  But millennials seem to be leaning more towards making decisions based on financial motivations than emotional ones. In other words, owning a home isn’t a burden but an investment.

According to a recent article in the Washington Post, the main factor driving home owning among millennials is financial considerations.  “Millennial buyers, at 85%, are the most likely generation to view their home purchase as a good financial investment,” said NAR Chief Economist Lawrence Yun in the article.

Similarly, in South Africa, it seems like millennials have their feet firmly in the door. Of the 262 629 property transactions in South Africa in 2018, millennials were responsible for 103 853 (almost 40% of the total).

2. Future-focused architecture is enhancing a shared society  

As attitudes towards a more shared society and more inclusive urbanization have evolved, the solutions presented by industrial designers and architects have reinvented the way we live amongst each other. Community, culture and creativity have merged to create an exciting melting pot that is breaking down traditional stereotypes and bringing society closer.

3. Banks are becoming more bold

Banks have upped their game as innovation and tech and new home buying and financial service companies have emerged. Banks have adopted a robust appetite for lending. They’ve become more competitive – offering more accessible, more affordable loans. Services like ooba homeloans can help you compare these different options for home loans.

To navigate through your own perpetual home buying dilemma, complete ooba’s “Ignite your Dream” survey. Share your thoughts, your concerns, your hopes. Your input may help you take that first important step with a R15 000 discount off the deposit on your dream home.

All data gathered will be used to help put the dream of owning a safe, secure home within reach of millions of other South Africans - just like you.

Ignite the dream. Complete the survey. And start planning today.

This post is sponsored by ooba produced by Brandstudio24 for News24.

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ENTRY RULES

1. The promoter of this competition is Media24 Proprietary Limited, acting through its 24.com division ("24.com", "we" or "us").

2. The competition starts on 6th May 2019 and closes at 23h00 on 6th June 2019, unless otherwise informed by 24.com.

3. The competition is open to South African residents only.

4. Entrants must be over the age of 18.

5. The following persons are excluded from this competition:

5.1 a director, member, partner, employee or agent of, or consultant to 24.com or any other person who directly or indirectly controls or is controlled by 24.com; and

5.2 a supplier of goods or services in connection with this competition; and

5.3. the spouses, life partners, business partners or immediate family members of the parties referred to in 5.1 and 5.2.

6. If you have won a 24.com competition within the last 30 calendar days, you may not participate in this competition.

7. All entries must be made from one of our Platforms. Our "Platforms" refer to our websites, mobile sites, mobile apps or social media platforms where this competition is displayed or advertised. By clicking on the competition link on our Platforms, participants will be directed to the competition page where they will have to complete The ooba Ignite Your Dream Survey, answer the survey questions and provide us with the information below. After completing the entry form, the participant must click on 'Enter Now'.

8. In respect of each participant, the following complete, valid, true and correct information must be submitted:

8.1 full name and surname;

8.2 e-mail address;

8.3 cellphone number;

8.4 date of birth; 

8.5 gender and

8.6. closest city

9. If any of the information submitted is incomplete, incorrect or otherwise invalid, your entry will not be considered.

10. Your personal information will be used in accordance with the terms of our privacy policy http://www.media24.com/privacy/

11. Only one entry per individual will be allowed. 

12. All entries, duly completed, must be received by 24.com before the competition closing date and time. If not, such entry will not be eligible, regardless of the reason for the late receipt of the entry, including due to lost, late or misdirected mail; printing errors; server unavailability; or computer or any other electronic or telecommunications malfunction. All entries received that are mutilated, tampered with, or illegible will be void.

WINNER SELECTION

13. The prize winner will be selected randomly from valid participants and announced on or before 12th June 2019

14. The winner's name may be published on the following sites and/or platforms: https://www.ooba.co.za/ 

15. The winner will also be notified by means of the contact details provided to us on or before 12th June 2019 or as soon as possible thereafter.

16. You are hereby informed of your right to decline:

16.1 the use of your image in marketing material;

16.2 an invitation to participate in any marketing activity;

16.3 an invitation to be present when the draw is taking place or the winner is announced.

GENERAL RULES

17. Unless we make alternative arrangements with the winner, the prize will be placed into the winner’s bank account.

18. We may require the winner to provide us with additional information as we may reasonably require (like his/her banking details) in order to process and facilitate the payment of the investment prize and your acceptance and/or use of a prize.

19. The prize is non-transferable.

20. We reserve the right to cancel this competition, or to change the rules at our discretion or to change the prize at any time without notice to you.

21. Proof of identity will be required to collect the prize and we reserve the right to refuse payment or handing over of a prize to any potential winner who refuses to, or cannot, provide sufficient documentation to verify his/her identity.

22. The judge’s decision is final and no correspondence will be entered into.

23. Income and other taxes, if any, are the sole responsibility of the winner.

24. You may not be awarded a prize if it is unlawful for us to supply such a prize to you.

25. No "automated" entries will be allowed and all entries must be made by a natural person manually on our Platforms where the competition is displayed.

26. If any entry has been made in any manner which in 24.com's discretion may provide an entrant with an unfair advantage over other entrants, unless these rules specifically allow such conduct, such entrant will be automatically disqualified from this and all future competitions run by 24.com.

PRIZE

The winner will be awarded a cash prize of a R15 000 (Fifteen Thousand Rand).

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