Most people in their 20’s are normally just starting out. They might have planned to start a career, travel, get married, or even simply get a job to pay the bills. But what if you could own a house in your 20’s?
This scenario is not exactly impossible. Moreover, it shows how responsible as an individual you could be.
But the truth is, there’s no specific age when you should buy a house. If you can handle the payment and the risks that go along, you’re free to make your decision. But there are a lot of benefits to investing at such a young age. Here are a few reasons why.
How Buying A House in the ’20s Could Make A Difference?
The decision in purchasing a house is not as easy as purchasing the new clothing trend for the season. It’s not a one-time commitment, but instead, it’s a long-term investment. This is why it’s important to stress the reasons why you should buy a house in your 20’s.
Enjoy Having a Personal Space
When we were younger, we shared our entire home with our family or even relatives. But as we grow older, differences become more apparent. There are needs and wants that may be different from one person to another.
But owning a separate house allows you to enjoy privacy without considering other people’s feelings and approval. So even if you choose to color your wall pink or install a shower with speakers on, nobody will have to disagree.
Peace of Mind
Rental fees are not cheap. They might increase year-to-year. What’s even more stressful is the fact that you might be getting a certain 30% (or more) from your income just to pay rent.
But what would it feel like if you are paying a fair amount of rental fees for an apartment or house under your name?
Nowadays, there are several rent-to-own options that you can save, pay, and claim! Meaning, you no longer have to sustain the landlord’s growing property portfolio, when the payment goes straight directly for your investment and the whole property for yours to live by!
Experience a Mortgage-Free Early
The earlier, the better!
Indeed, the earlier you invest for a long-term run, the earlier you can get out of it. For instance, if you purchase a house in your mid-20’s, let’s say at the age of 25, then you can sort out and plan to pay all your credits at the age of 50 years!
Thus, you can enjoy life in your own home even before you retire.
Time is Your Best Friend
Property value increases over time. Let’s say you were able to purchase a house at 20. If you were able to pay the mortgage or rental fees in advance, even before turning at the phase of a mid-life crisis, then you can decide to resell the house for a bigger value since property.
This move will help you cover housing expenses, credits, and keep a little bit for savings and retirement funds that you can enjoy for the rest of your life!
It Projects You as a Responsible Individual
Buying a house is not an easy decision. You have to think and examine a lot of things, including taxes, maintenance, location, legal documents, and so on.
This serious decision allows you to lay out all your plans, strategies, and foundation for purchasing a house. Hence, giving you a sense of responsibility and pleasure.
Since you had given most (or probably all) of your savings, this allows you to be financially literate and disciplined in taking care of your asset and every dollar you had on your account. Furthermore, a growling motivation can tip you off to regularly save up for the money invested in buying the house.
There is no right or wrong answer. It’s not easy, and it’s definitely not for everyone. However, the few of the following points we’ve discussed helps you to understand the benefits of investing at an early age.
In the end, buying a house in your 20’s is one of the most effective ways to learn the biggest lesson life has to offer for young and starting adults.
