3 Reasons to Buy A House While You’re Young
Homeownership is a prospect that seems elusive in young professionals, as most are under the impression that they’ll have more time for it in the future. They focus on building careers and understanding adulthood, unknowingly throwing away an opportunity of a lifetime. Owning a home in your 20s may seem like a ridiculous dream, but it’s an achievable one. The whole process can be challenging, which prompts most people away to push the idea of homeownership into their older years. It comes with a variety of advantages, however, especially since you’re investing wisely. Every good investment eventually leads to rewards, even at your 20’s. Here’s just some of the positives as to why you should buy a house while you’re young:
Reason #1: You’ll enjoy more freedom
Sharing a home means compromise, especially when you choose to stay with your family or a friend. You need to consider their wants and needs, especially when it comes to bigger decisions like changing how the property looks. Renting, on the other hand, comes with even bigger limitations, as everything is subjected to your landlord’s rule book.
If you have your own space, however, you’ll be free to personalise and customise as you wish. You do not need to compromise or get approval, as your decisions become entirely your own. You have all the liberty to paint your walls neon orange, tear out that obstructive wall, and even get a pet snake.
Reason #2: You’ll soon be living a mortgage-free life if you buy a house while you’re young
Buying a home in your 20s places you at one of the biggest advantages—time. If you buy a home in your 40s, you’ll have little to no time left to pay for your mortgage. You’ll be forced to take out loans of short-period terms, making your monthly payments expensive. By choosing to buy a home now, you’ll eventually live monthly payment-free.
The prospect of single-handedly shouldering the expenses will be daunting, to say the least, but if you push through with a 25 to a 30-year mortgage, you’ll find it easy to breeze through. By the time you retire, you’ll have little to no debts left, as you will have finally settled your home’s mortgage payments. By the time you retire, you’ll have a home to relax in, having fun with your family and just enjoying the rest of your life.
Reason #3: You’ll be learning so much about life
Buying a home at a young age earns you the rightful title of being an adult, but living alone provides you more than just that privilege—it provides you with important life lessons. Living alone forces you to deal with and manage your finances accordingly, making way for mortgage and utility bills.
You’ll also learn about the value of your alone time, becoming independent as you work around your home for small repairs and maintenance. It’s a great opportunity to have a head start among your peers. Rather than just purchasing things you won’t be using in the future, you now have something to keep for the rest of your life.
It’s Never Too Early For A Home
While you may feel like it’s just too early to invest in a home, bear in mind that the best things never come easy and if you buy a house while you’re young, it’s guaranteed to pay off in the long-run. Your life in your 20s is indeed a time for career building and making sense of the rest of the world, but it’s also the best time for investments. While going out allows you to live the best of your youth, coming home to a place you can call yours is one the best things you can do for yourself—and your future family. Make your dream home a reality today.
For new homes for sale in Australia, Balfour Homes is the place to call. We strive to help our customers gain a multifaceted home purchase experience, from mortgage applications down to the realization of their dream home. Allow us to make your dream possible, no matter where you may currently be in life. Let’s make it happen—reach out to us today!