If you are considering buying a home in your 20s, chances are it is your first home. This is an exciting yet intimidating experience. Buying a home is the biggest transaction most people will make in their lifetime. It is where you can settle down with a partner and raise children. But, many 20-year-olds won’t be able to afford a home in this day and age.
Here are a few things to think about before buying a home in your 20’s.
Can You Afford It?
Even if you have enough money for a down-payment, it doesn’t stop there. You’ll have mortgage payments, property taxes, appraisals, home inspection costs, and many other expenses. Evaluating your financial situation is essential before you buy a home. You don’t want to spend everything you have on the down-payment and be unable to afford the rest. Talk with your financial advisor and ensure you are in a strong financial situation before making the investment.
Is It Long-Term?
Moving out is exciting. And many people will have to move to other homes at least once in their lifetime. Before you decide to buy a home, ask yourself if it is long-term. If you need to move out for a shorter period of time, like a year ot two, you may be better off renting. If you want to settle down and live in a home for 5+ years, then homeownership may be the right decision.
Do You Have A Stable Job?
As mentioned previously, houses and condos come with many expenses. This means you will need a stable job and income. Make sure you are in a strong job position that you don’t expect to lose. Otherwise, if you are left without a job and with lots of bills, you may find yourself in a very stressful situation. If you are moving out with a partner, make sure they have a stable income as well.
If you liked this blog, check out this one on, “5 Reasons To Live in Newmarket, Ontario.”