Buying a Home in Your Twenties: Why You Can & Should Do It!
July 6, 2017 - By Rachel Deckman
You graduated college a few years ago, have started working and saving and want to purchase your first home. More and more twenty-somethings are pursuing this dream. Is it the right time for you?
- How long you will live in the home – Typically, the longer you stay in a home, the better because you have time to recoup your closing costs and interest in front loaded in mortgages.
- The cost of homes in the area – If homes in the area are more expensive, renting may be a better option. In an area where homes are less expensive than renting, you will definitely want to think about purchasing.
- What you can afford – If you are looking into buying into a neighborhood just because you can afford it, wait out a little longer. Save some more money until you can afford to be in the area you really want to be.
- Are you willing and able to take care of repairs and landscaping? – If you are willing and able to fix problems that may arise, buying a home is a great idea for you! If landscaping isn’t your thing, looking into buying a condo in the area where the HOA can take care of those problems for you.
- Think of your home purchase as a way to bring in some cash! – Rent out rooms to your friends and help out with the price of your mortgage and other expenses.
Here is why YOU should buy in your twenties:
- You can personalize and customize your space. Your apartment complex can’t stop you from improving the kitchen or even adding new bathroom tile. These improvements will also likely increase your home’s value so you benefit from it.
- Buying a house gives you security that renting can’t provide. There is stability that comes from owning your own home– nobody can take that away from you.
- Don’t think that buying a home means you’ll be tied down. The great thing about buying is the ability to do what you want with the property. If you decide to travel for an extended period of time, rent it out at a price that’s slightly higher than your mortgage amount. You’ll be able to pay off your mortgage and have a bit of income too.
- There are tax credits available to buyers. It can offset the cost of buying your home. All you have to do is itemize property-related expenses when filling in your tax return.
The right answer to “rent or buy” isn’t a clear path. Do the math, think about your needs, and do what works—and feels right—for you. If you should decide that buying a home is the next step, reach out to us! We would love to make your dream of buying a home a reality!