Purchasing a home in your 20s can be a great option that proves that you can succeed in life early on. The key is to not let it get in over your head and ensure that you can commit to this dream of homeownership.
A house is a great investment if you’ve done your research well and provided that you’re doing it for the right reasons. As a young person, you know that purchasing a home is a fundamental necessity – and you’re right!
Check out the benefits of owning a house while you’re in your 20s.
Your property increases in value. Most residential properties are destined to have increased value over time. Downturns may happen, but when you decide to sell your home, the return on investment will be yours as well.
You save money in the long run. Renting simply makes your landlord richer and your bank account exhausted. Instead of paying a monthly rent, you can just opt to invest your money in your own house. Nowadays, you can acquire pre-selling properties that offer a great way for first-timers looking to save money while getting a quality home.
Investment opportunities as you get older. Investment in a property is widely known as one of the hardest financial decisions many of us will make through our lifetime. Purchasing a house early on allows you to save up for other possible investments you might want to have as you age.
Income opportunity. You’ll also have the awesome opportunity to become a landlord and rent out your property say if you’re looking to move to another city in the future. Do take note that the rent’s amount, which is the property’s income, will be based on where your property is located.
Emotional fulfilment. Let the fact that you will have your own house just sink in. You’ll get your own bedroom, your own kitchen, and your own bathroom. Most of the youngsters these days don’t even think of seriously buying a home in their 20s. It takes commitment, discipline and wisdom to go through this decision. Achieving a homeownership goal is truly an emotionally rewarding experience.
You step into adulthood. Responsibility is the takeaway word here. You will start feeling like a legitimate adult after your home purchase. The possible next steps are for marriage, kids, rental, etc. The future will become more exciting because of the new perspective of having a personal home, your goals will also improve, and your life will move forward.
While going through a six-figure debt can loom big over your head, don’t lose sleep over it, especially because you can quickly find and secure the cheapest fixed rate home loans from top home mortgage providers like Newcastle Permanent. Take it slowly but surely. This is one of the biggest decision most of us will have to go through in life unless you’re contented in simply renting a space for you or your family.
Remember not to panic. You have the option (10-30 years) to pay off the loan, so take your time and remember that you have ways ahead of you to settle the loan. Best of luck!