You go to work, you earn, you put away some of your hard earned income, and when you’re finally financially ready for it, you go out and buy your first home. This is what the vast majority of people think when it comes to considering the right time they should shell out cash for their first property.
But what a lot of individuals don’t actually realize is that waiting for that golden era in your financial life might not ever come. Any real estate expert will tell you – it is smarter to buy a house while you’re young.
Why you shouldn’t wait
According to recent studies and surveys, home buyers are experiencing bigger and bigger increases in the value that they pay for housing costs. This has been attributed to the constant boom in real estate prices throughout the years, and while there are certain stable periods in the realm of house costs, prices aren’t getting any lower.
What does this mean for first time home buyers? Although there are periods of stability that will allow people to cope with expenses, waiting for the day when prices will go down might have you waiting for the rest of your life.
Why you should buy instead of rent
First and foremost, a house is an investment. There are very few other things you can own in this modern age that will give you the same financial benefits as having a home. What’s more, you can increase the property’s value just by taking care of it good enough, meaning you could make a much bigger profit in the future off of a property you buy today. It’s relatively easy to get finance for home buying, easy to understand, and provides you a certain stability that renting will not be able to give.
What you should do
If you’re a first time property buyer looking for advice before taking the leap into that scary big deal, there’s only one thing you should keep in mind: find expert advice from your YNM real estate agent.
