If you want to rent a place instead of buying one, it’s totally okay. Jones Lang Wootton executive director Prem Kumar assures that there is no shame in renting as it offered the option of flexibility.<\/p>\n
The current mindset of millennials was to own a property when they were as young as 25. And while there is nothing wrong with such a mindset, owning a property at that young age meant it would eat into their disposable income, he said.<\/p>\n
He added that the younger generation these days received support and backing from the older generation which means that the younger generation did not need to earn a high income as they were supported by their parents.<\/p>\n
So if they couldn\u2019t service the loan, they would ask their parents for help, who would often say yes, instead of no.<\/p>\n
Prem Kumar said for a mindset change for the generation to not necessarily think they must own a property at that young age and that youngsters could opt for a lower-priced unit when they were younger. When they get a bit older and had a higher income, they could upgrade and live in a much better house.<\/p>\n
But\u00a0he said this mindset was difficult to change as it had become entrenched.<\/p>\n