What’s the right age for buying a house? The simple answer is that there is no right age to buy a house. Buying a home is likely to be the biggest investment of your life – one that affects your finances as well as your quality of life. When considering buying a home, more important than your age is to consider if you’re financially ready to make the commitment.
You Know You’re Ready When…
To be ready to buy a home, you should:
- Have a steady income.
- Have saved enough for a required down payment and closing costs.
- Have an emergency fund with three to six months’ expenses.
- Have little or no other significant debt.
- Plan to stay in the home at least three to five years to recoup initial expenses.
- Have improved your credit as much as possible.
- Be able to comfortably afford your mortgage payment.
- Be ready for the responsibility of owning and maintaining a home.
There are benefits and drawbacks to either buying a home early or waiting until later in life. Only you can decide which is best for you.
If you can manage buying a home in your twenties or thirties, then there are advantages. For example, you spend less money on rent if you buy a home early. Rent money is lost to you forever and you don’t get tax breaks for renting. Money spent on a home is an investment in the future and you could potentially get a healthy tax break from your mortgage interest. The value of your home may increase, which could pay off for you if you decide to sell. If you stay in your home long enough, you’ll be able to enjoy living there without a monthly payment.
Still, sometimes putting off buying a home can be better for you. When you’re at middle age or older you’re more likely to have a higher and steadier income. You’ll have a better idea of where you’d like to settle down. You’ll have time to build better credit to qualify for better loans and taking longer to save for a larger down payment improves your loan-to-value ratio.
Only you can decide when you’re ready to buy a home. When you are ready, Stonebridge Mortgage Group is here to help you through the process.
Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters
You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are in Gresham, Oregon. Don’t wait to get quality assistance with buying your home!