Buying a Home at a Young Age
The 20’s are a time for gaining life experiences, traveling and going through major milestones like job changes, engagement, marriage, and perhaps even the birth of a child. Is it a smart move to add the responsibility of homeownership to this list of life changing events?
My answer is absolutely. The cost of rent has been rising for several years. In many cases, it is now more expensive to rent than buying a home.
Why is homeownership a great decision for 20-somethings?
- Aggressiveness and Motivation – At a very young age, you are more aggressive and motivated to start tackling major accomplishments. Check off home ownership early and reap the benefits longer.
- Technology –Never before has more resources been at your fingertips when it comes buying your first home. It’s a great idea to start your search online. Once you come across a home you’re interested in, contact a local real estate professional that can provide expert guidance and help you get your dream house.
- Time – Your strongest financial asset as a young person is time.There is never a better time to start planning for your homeownership goals. Career building and family obligations will take up much of your focus beyond your 20’s.
- Flexibility to move multiple times – When you are young, it is much easier to move – you have less stuff and less ties.You can pick up and go as you please.
- Significant Savings – You can save a lot considering the appreciation when you buy a home early. Real estate appreciates as time goes by. You can lose tens of thousands of dollars in appreciation value the longer you wait to purchase.Another consideration is that your fixed mortgage will remain constant over time and inflation can drive up house pricing.
Are you ready to buy a home? Or if you already own, share your first home ownership story in the comments below!