Generation after generation homeownership has remained an ideal for many. In recent years there has been a global generational and cultural shift in buyer habits. A 2019 Statista survey notes that millennials under the age of 35 had the “most pessimistic outlook” on purchasing homes. Due to the mammoth combination of economic factors and financial decisions, owning a home is a goal that is nearly unattainable for many.

Older generations will agree that homeownership or property ownership was more accessible and affordable for them than it is today. With a consistent rise in the cost of living coupled with economic hardships, young adults are delaying leaving the nest and opting to live with parents longer. An individual must determine whether or not he or she is prepared for the initial investment and the risks that accompany purchasing. This blog is not to say that millennials are disinterested in buying homes, it is to suggest ways they can design their financial plans balancing the desire for ownership with the recognition of the impact it will have on their finances and their life goals.

Have no fear, homeownership can be for everyone

The Bahamas government’s Access to Affordable Homes program has committed to providing access to affordable land for single and multi-family housing. The government announced two areas that will accommodate these groups being a Carmichael Village subdivision and an upscale condominium subdivision in Western New Providence.

The Carmichael location will be allocated for single and multi-family housing boasting 365 serviced lots for home construction ranging from $15,000-25,000. The lot owners will be exempt from custom duties and excise tax on building materials for construction.

The western location which is targeted towards young professionals will be sold for $50,000, but with the added infrastructure it will be valued at $150,000. The government has also stated that the young professionals are able to build duty free.

These are a few options to consider if you are looking to purchase a property in the near future.

Let’s not limit ourselves

North. East. South. West. You may have a specific location in mind and right now you may not be in a position to purchase, but don’t throw your dreams out the window just yet. If homeownership is in fact a goal for you we suggest that you start a conversation with a professional to strategically plan for your future.

For more information on adjusting your investment/financial plans to pivot towards homeownership speak to a local expert today. You can give us a call at 396-3225.

Sources:

https://www.statista.com/topics/4403/millennials-and-real-estate-in-the-us/

https://thenassauguardian.com/pm-announces-upscale-development-on-np-for-young-professionals/

https://ewnews.com/new-subdivision-off-carmichael-represents-equal-opportunity-for-bahamians

http://www.tribune242.com/news/2020/dec/16/brea-chief-backs-pms-cut-price-land-strategy/