Buying a home in your twenties. Not usually words that are used in the same sentence… until now. Sure, your twenties are all about enjoying your new freedom and finding out who you are, but that doesn’t mean it’s not the right time to start building a stable financial future.
The earlier you start, the better! Here are five good reasons to buy a home while you’re young.
You’re probably going to be living with roommates anyway. Why not collect rent from them instead of passing it along to your landlord? Paying down your mortgage with other people’s money is not just smart…it is genius.
Inflation: That invisible force that makes everything cost a little more each year, just because. Well, here’s some news. Rent goes up because of inflation, but a fixed mortgage payment will stay the same. Not only that, but the value of your home may go up. Not to mention the amount of rent you can charge, should you choose to rent it in the future.
3: Joanna Gaines
We all have a little of her inside of us (or at least we can pretend). When you own your own home, you can do whatever you want. So if you like shiplap and epic kitchen backsplashes, you can make it happen.
If you’re a shopper or someone who’s not great at saving money, buying a new home is a super way of putting your money in a place where it can’t easily be spent on other things. And since real estate value usually grows faster than money placed in other types of traditional investments, it’s a fabulous place to grow your net worth.
Buying a new home requires a lot of research, effort and time. If you think you’re busy in your twenties, just wait till a promotion, a spouse and/or a few kids enter the picture. Jumping on the homeownership train now can save you lots of time later.