When Should I Buy a Property?
The best age to buy a property is young. Australians continue to put off life milestones such as homeownership, marriage, and having children. These life events took place in a person’s 20s. In 2021, they take place in a person’s 30s.
There is nothing wrong with waiting. However, waiting makes things more difficult. Even though an individual is bearing the responsibilities of homeownership, they are still paying for a place to live.
One of the reasons why real estate professionals encourage individuals to become homeowners is wealth building. Real estate investors require tenants. But those tenants don’t build wealth or accrue home equity. Some individuals don’t mesh with homeownership. Others do but face trouble obtaining it.
Mortgage House works with first-time homebuyers at any age. Our loan specialists have access to proprietary tools that allow them to find suitable financial solutions. Plus, first-time homebuyers have several grants and discounts available to them.
They can increase their borrowing capacity by applying for a mortgage with a guarantor. When they couple a guarantor with grants, it’s possible to reduce their upfront fees and cover the deposit.
Moreover, the younger the applicant, the fewer financial commitments they have such as a car loan.
Best Age to Buy a Property Conclusion
Ideally, most individuals will buy a property by the age of 25. Market conditions make it difficult for the young generation to move through the process. Plus, several have a difficult time affording the monthly repayment. However, it’s possible. Contact Mortgage House and speak with our loan specialists to start your path toward homeownership.