Buying a house is the ultimate dream of many. The question that troubles most of you is ‘what is the right age to buy your first house?’ There was a time when people invested in real estate post-retirement. However, now more millennials understand the value of owning a home.
Real estate agents recommend that buying new build homes near me in your 30s is a wise decision. Let’s explore some of its perks :
You Have a Stable Career.
As a first-time homebuyer, it is a crucial point to consider. A home loan is a critical step to buying a house. It is a big commitment, and you require a stable source of income to pay the installments on time.
While approving home loans, lenders take into account the solid employment history and steady income flow of the borrower.
You are more likely to enjoy a stable career in your 30s than in your 20s. Many of those in their 20s are trying to figure out what they want to do. They are in an early stage of their career and may find it challenging to provide a stable work history.
When you are in your 30s, you have already reached a point where you are gradually establishing your career and have a secured job. It puts you in a favorable position to buy homes.
You Have Assembled Up a Good Credit Score.
Lenders evaluate your capability as a borrower based on your credit score. Many young first home buyers are rejected for mortgages due to bad credit scores.
As per the top realtors, when you wait till your 30s to buy your dream house, you give yourself time to build a good credit score. As you grow old, you become wiser in handling your finances. You establish a good credit history, making you an ideal borrower.
You Enjoy Optimum Loan Tenor.
Home loans are a long-term commitment. Since the mortgage amount is huge, the longer the loan tenor, the lower the monthly installment. Remember, the longer you take to repay the debt, the bigger the interest. When you are in your 30s, with at least 25 to 30 years of professional life, buying a house is a wise decision.
Remember, select a loan tenor that allows you to pay the debt comfortably without spending too much on interest.
You Have Saved Sufficient Down Payment.
Buying your first house in the 30s gives you sufficient time to save money for the down payment. Saving the standard 20% will put you in a favorable position to qualify for a low-interest mortgage.
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