They call it The American Dream: the reality of having a home for you and your family. Given all the expenses as well as the mounting debts that most people have, however, realizing the American Dream is easier said than done.
Aside from coming up with enough funds to cover the down payment, you also need to ensure that you’re financially ready for the other costs associated with owning a property. There is no right age to buy a home, but according to statistics, the high homeownership rates start with homebuyers aged 35 to 44. When people buy, it means they’re ready financially.
But if you’re younger, does that mean you should stay away from homeownership and talks about Florida real estate mortgage?
Yes, You Can Buy Young
USA Today reported that most Americans believe 28 is the right age to purchase a property. Buying a home at this age via a 30-year home loan while not having plans of refinancing will free you from housing debt before you retire. It means that you’ll fully enjoy the tax breaks offered to all homeowners.
If you can afford to buy at a young age, then you’ll also have a chance to build your wealth. Owning a home, after all, is an excellent opportunity to increase your net worth. The monthly payment that you invest in a mortgage is a way of building equity in the property.
There’s no guarantee that the real estate property will gain value. But most people who purchased a home experienced price appreciation over the long term. Having a real estate property can be a great help against inflation, assuming that the value of your house keeps its pace with the increasing prices.
Owning a property at a young age also gives you a place of your own. You don’t have to worry about any landlords and their rules. You also won’t need to stay at your parents’ home to crash for the night. When you own a house, you are in charge. You can customize it according to your taste or even make improvements without any worries. But is it truly the right time to buy a house at a young age?
But Maybe You Can Wait, Too
If you don’t feel like in a hurry to get a house now, that’s okay. Waiting for the right time to buy a property has its benefits, too. Remember that as you age, you develop a clearer picture of what you want in life as well as your idea of what your home should be. There are so many things that could happen in the next couple of years. You might change your work location or even the income that you’re getting.
Wait for a while so you can save funds to cover the down payment. A typical mortgage in Orlando, FL, would often ask borrowers to pay at least 20% down payment to apply for a loan. Having ample time to beef up your savings will reduce any significant losses once you buy the property.
The truth is that there is no right age to buy a property. That’s why it’s best to recognize where you are in your life and see if you’re mature enough to handle the responsibilities of becoming a homeowner.
