Buying a house for the first time is a huge decision and there really is no perfect age to do it. Here’s how to know when it’s the right time to take the plunge.
Buying a home is one of life’s biggest decisions and comes with many responsibilities such as investing in mortgage life insurance and home security. Contrary to popular opinion, there is no perfect age to buy a house.
You’re likely to be in a good position to become a homeowner if you:
- Have a steady income
- Plan to stay in the home for at least 3-5 years
- Saved enough money for the required down payment and closing costs
- Have an emergency fund with at least 6 months expenses
- Have improved your credit as much as possible
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What is The Right Age to Buy A Home?
Buying a home is an extremely personal experience and while there is no ‘right age’ to become a homeowner, there are certain trade-offs between buying when you’re a young adult and waiting until you are older.
Why Buy a Home When You’re Younger?
If you have a steady income and can afford the down-payment, becoming a homeowner in your 20s or 30s has many advantages. This includes:
- You’ll never have to spend money on rent again.
- You’ll be able to invest in your future.
- You can potentially reap a nice tax break for the mortgage interest you pay
- You can build equity which you can borrow against if necessary
- The value of your home may increase enough to bring you a substantial profit when you sell.
- If you stay in your home long enough to pay off the mortgage, you can enjoy living free of any monthly payment.
So why wait?
Sometimes, waiting to purchase your first home can be a good idea. This is because when you’re middle-aged, or older, the chances are you’ll have a higher and steadier income and a better idea of where you’d like to settle down.
In addition, you’ll have also given yourself time to build excellent credit, which can qualify you for the best available mortgage terms and rates. In addition, taking the time to save for a large down payment improves loan-to-value ratio, making it easier to find affordable financing.
If You Choose to Wait, You’re Not Alone
Today, younger adults are waiting longer on average to move out of their parental homes. Today, first-time homebuyers are, on average, 32 years old, and are often more likely to be single.
But if you’re ready…
Our team of licensed agents are always on hand to give you advice and help you select the right type of mortgage life insurance to protect this huge investment.
Schedule a consultation with one of our knowledgeable professionals who can help talk you through the process and next steps by contacting us at 1-866-821-1439 or fill in our online contact form.
