It can be easy to compare yourself to others around you. Social media makes it easier to do so than ever before. With everyone else’s lives playing out in real time on your phone, you might feel anxious about falling behind. One way that many people measure life progress is by homeownership. Buying your first home is a huge life milestone that should be exciting for you, not just a status checkmark. The average first-time homebuyer is about 32-years-old. That doesn’t mean that this should be a deadline for you though. Whether or not you’re ready to buy a home is a matter of personal situation.
Make Sure That Buying a Home Is the Right Move for You
Buying a home because you want equity for your monthly housing payments and you’re ready to start building a life is a smart play. Buying a home because you want to keep up with your friends or fellow classmates isn’t. If you’re going to purchase a home, you should understand the common homebuying costs associated with the process. With those in mind, you should probably be prepared to spend at least 5-7 years in your home. If you think it’s likely that you’ll be moving within the next year or two, buying a home might not be the right move for you.
Respect Your Own Financial Timeline
If you’re not in a position to buy a home yet, that’s okay! 32-years-old shouldn’t be considered a deadline. You need to respect your own financial timeline and move forward with a home purchase when you are ready. That being said, there are steps you can take well in advance of your first home purchase to put yourself in a position to act when you want to. You should be saving money for a home now, and creating a timeline that will give you an idea of when you’ll be ready with a downpayment. That way you know you’re building toward something.
Buying a Home Gives You Equity for Your Monthly Payment
If you’re in a financial position to buy a home and you think you’ll be in the same place for the foreseeable future, then it’s likely the right move for you. Purchasing a home allows you to receive equity for your monthly payments. When you pay your rent, that money disappears. When you pay your mortgage, you are working toward purchasing something that will grow in value over time. That being said, you should still consider the additional costs that come with actually purchasing your home and the upkeep that follows.
Talk to Bill Swanson About Purchasing a Home in Omaha
If you need help determining the best move for you and your future, talk to Bill. Bill Swanson is an Omaha native with over 30 years of experience in the real estate industry. Bill can help you determine whether or not this is the right time for you to buy a home, and what type of home will suit you and your needs. Contact Bill Swanson in Omaha, NE at his office by calling 402-679-6566.
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