I’m often asked my opinion on whether I think there is a specific age that people need to be before they consider purchasing their home for the first time. My answer is usually that there is no correct time to buy a house, as such, but rather a point when you feel ready and prepared to take on such considerable financial responsibility.
I personally do not feel that it comes down to age, perhaps instead a couple of essential conditions that everyone can ask themselves when he or she thinks they may be at that real estate stage.
Questions to Ask Yourself Before You Buy
- Will you be able to get approved for a substantial loan or do you have enough cash put aside?
- Can you afford the payments and expenses that are an essential part of owning your home, monthly?
- What are your time plans regarding holding on to your home long enough to recoup those high costs back from the buying and selling process, alongside the other expenses you’ll incur during the whole buying process?
- Are you prepared for the possibility of your home losing some of its value whenever there’s a weak market?
- Ultimately, do you feel confident and prepared for the tremendous responsibility that comes with owning your own home, as well as the continued upkeep of it?
Age Is Merely a Number
Okay, when it comes to purchasing a home for the first time, it may be said that the older first-time buyer has more money and life experience behind them, with the younger buyer lacking this. However, we all know that this is not always the case nowadays.
Be your own guide here and do as much homework, preparation and soul-searching as to whether you really want this and trust in your own abilities.