The United States’ Census Bureau published a report on homeownership in 2017 that presented the different average ages of homeowners, stating that 58.9% of homeowners were between 35 to 44 years; 69.5% were from 45 to 54 years old; 75.3% were aged 55 to 64 and 79.2% homeowners were 65 or above.
With the help of these statistics, it’s safe to say that there’s no ‘right age’ to buy a house. It’s a huge financial investment; young or old, buying a house is best when the time is right for you.
Why You Should Buy a House at a Young Age
If you have adequate financial resources at a young age, and have the chance to buy a house, then you should definitely go ahead and do it. Here’s why.
It Builds Your Assets
Buying a house increases your assets. Therefore, owning a house increases your net worth. Moreover, long-term ownership can mean a high level of equity in the property. Even if you decide to sell your house later in life, chances are, you’ll be selling it at a profit.
You Have Your Own Place
Buying a house at a young age gives you a sense of freedom and independence and gives you more control over your life. You won’t have to worry about monthly rental payments and have more control over your life. A house, however, does bring with it many responsibilities so make sure you’re ready to take them on.
Why You Should Wait Longer To Buy a House
While buying a house at a young age has its perks, if you’re not prepared to take the leap, it’s completely okay to wait until you’re ready. Here’s why buying a house later in life is a good idea.
You’ll Be Financially Stronger
As you grow older, you’ll gain more experience at work and in life. You’ll have better income, so you’ll be able to buy a house to fit your exact needs. You won’t have to make any compromises because of the price. Not buying a house at a young age means you’ll have more years to save money for a bigger down payment—which means less interest rate on the mortgage.
You’ll Be More Certain of Your Needs
With time, comes certainty regarding what you want your house to look like. Should you decide to wait longer to buy a house, you’ll have a better picture of your ideal house. Moreover, you can buy a house that fulfills all your needs, is closer to work, and big enough for your family.
Whether you’re young or old, the best way to ensure that you’re getting a good deal when purchasing a house is to hire a realtor.
If you’re in Camp Hill, Pennsylvania, get in touch with Smith Top Team.
We’re a top listed, award-winning real estate agency with more than 40 years of experience in Central Pennsylvania. If your looking for top listing agents New Cumberland PA, give us a call.
For a free consultation, contact us today!