Access to housing is one of the biggest challenges facing Spain right now, with a real estate market at historic highs and a lack of supply that only further strains this market. Earning the down payment on a house seems like an impossible mission, even more so when you are young, since low salaries and a more important social life than for adults make it very difficult to save for this group.
If we add to all this that the new generations are increasingly starting to work later, so that a large part of young people do not begin to earn a fixed salary until after the age of 25, saving to purchase a property seems unthinkable. Antonio Costa, a real estate expert, wanted to talk about this process in an interview for The Spanish.
This 26-year-old young man is, against all odds, the owner of 4 apartments at his age and not only that, but he also has more than 9 years of experience in the sector. For him, the most important thing is to have a brutal change in mentality and prioritize saving, something that, being young, is not easy.
Buying a house now requires a change of mindset
“It is a set of several habits and also a change in mentality that we must adopt. To put it in context, and I always explain this with a very drastic example, but it helps to understand it, there are people who come from another country, who do not speak our language, they do not have the same facilities or opportunities, and yet, with discipline and a good savings strategy, they manage to buy a home,” admits Antonio.
The specialist states that “some even do it without asking for a loan, simply saving a lot. And it is true that many times they buy cheaper homes, but they achieve it, unlike us who do not have that savings culture.”
As Antonio explains, the starting point is to change the mentality and, of course, readjust expectations. “The first home does not have to be the house of your dreams. Nothing happens if it is an old apartment,” he adds.
“You have to think that when we live with our parents or in a student apartment, many times the walls have gotelé, the kitchen is from the 80s or it has a bathroom with green tiles from the 60s, and nothing happens, we live perfectly,” he details.
“However, when we want to buy, we aspire to a perfect home: smooth walls, white and modern kitchen, new bathroom, minimalist furniture… And it is true that before the crisis it could be possible, because the homes were cheaper, but not anymore,” he reflects.
Even so, raising the money necessary to buy a first home continues to be a challenge for many young people. Most believe that they cannot save due to the high cost of living in relation to their income.
If you live with your parents, you can save 800 euros for your future home
However, Antonio points out that in many cases the problem is that they do not consider it seriously, and remembers that those who live with their parents start with an important advantage.
“Despite how everything is, it is true that there are financial strategies that can help. For example, if you live with your parents, you can save the money that you would allocate to rent, 700 or 800 euros per month, and thus collect the income for a home,” he says.
“But of course, this cannot be generalized, each person has a different situation, but those who can continue living with their parents close to work have a real opportunity to save and better plan their future,” he concludes.