Posted onSeptember 19/2014
As long as you are a legal adult and have the income required to be approved for a mortgage, there’s really no “too young” when it comes to buying a house. Not in age, anyway. There are definitely some young people who should and some who shouldn’t, but it usually has more to do with their personal situation than their age.
Are You Established?
Income and credit history are two factors that are important when it comes to getting a mortgage at any age, including when you’re younger. If you’ve only been out in the job world for a few years you won’t necessarily be “established,” but having some credentials is important.
Your Goals and Personality
No one can really predict what they’ll want to do in the future, but you can judge your own personality to a degree and you should have a general idea of your future goals. As an example, if you have an adventurous, wandering type of personality, you may not want to buy because usually that means staying in one place longer than if you are renting.
Most home owners also have less free time than renters because they devote more of it to maintenance and home improvements. There is no landlord to call if problems arise when you buy, so you have to take care of them yourself. Some other reasons against buying for younger people include wanting to go back too school, wanting to have children and expand your household in the not-too-distant future, and not being able to afford a home where you ideally want to live.
Of course, if you are a young professional looking to acquire a handful income properties, then buying is a great idea. You may also want to buy if you like the thought of personalizing or customizing your own space. Building equity is also a benefit for many young people looking to buy. And generally speaking, houses tend to increase in value over time in most areas.
Take Your Time
Many younger people haven’t developed their patience skills yet, but it is important to take your time when making this decision. It’s also important to remember that just because you can doesn’t necessarily mean you should.
If you’ve been pre-approved for a mortgage but determine owning isn’t right for you at this time, pat yourself on the back for getting the green light from your lender and put it on the backburner until another time!