Buying a home is on the to-do list for most people, right along with getting a college degree, getting married, starting a career and having kids. It’s one of the standard boxes that many individuals want to check off in their lives. Buying your first home is a major event.
When do most first-time homebuyers want to make their purchase? It can be a little intimidating. Studies have found that most people think they should buy a first home by age 28 — or, at least, that’s what they want to do.
There are some clear advantages. This is also right around the time many people get married, so they can buy a home with a new spouse and really start a life together. They also have plenty of time to pay off the mortgage, even if they take the full 30 years, before they retire. That can give them some financial freedom.
Of course, there are downsides as well. Many people are not that financially stable at 28. They may not have risen far in their career yet or still be paying off student loans. If they’re married, they just had to pay for a wedding. It may be all they can do to buy a car, let alone a house.
This combination of challenge and desire is why it’s important for those looking into the housing market for the first time to really know how it works. What should they look for? How can they make it affordable? What mistakes do they want to avoid? Make sure you know exactly what steps you should take before you buy.
