Is it wise to buy a house young or wait until I've a family?
I am 21 and it's my goal to save $60 000 by the end of 2016. I earn $54 000 a year & will graduate with my Bachelor's and hope to land a job in marketing field.
I was thinking of getting a house around 23-24 but j don't want to go cheap or small because I am the type of guy that wants a family and probably 3-4 kids someday.
Is it smart to get a house soon with perhaps 2 bedrooms or wait until I'm a little bit settled and know what I'm about in terms of family and exactly how much space we'll need?
Money is not an issue because I love to work, I don't take holidays too often or I'm never out of a job.
- linkus86Lv 74 years ago
It is wise to buy young, but not necessarily to buy big for the possibility of a future family. This type of investment only serves to make you "house poor" requiring too much of your income to pay off an unnecessary mortgage, disallowing you to invest your money in wiser investments.
A better idea would be to buy something smaller to attain equity, enjoy the mortgage interest write off and still allow you to invest your money wisely elsewhere. That way when your family grows you are more financially secure to buy the bigger house and meet all of your other financial obligations that come with a family, that you aren't even conscious of today.
- Stephen McBrideLv 64 years ago
If you don't need the house right now, and can afford to stave it off. It is always a better financial option to wait. If you can put 50% down instead of 20, that will save you hundreds of thousands in interest. Not to mention your mortgage payment will be much lower so that you can maintain a better standard of living for your family.
- RockyLv 64 years ago
first find out from your counties family law office IF the house bought before marriage considered "community property" or not if its not buy ir now and if it is get a prenup before you marry.
If you buy now make sure that should your job closes the company or transfer you that you can rent your home to save paying 2 rents or losing it altogether the right mortgage is needed too
too many people get into trouble because they do not plan for the unexpected and only realize rgeir error when the rose colored glasses break and they have glass in their eyes
Oh and should you get a divorce you now have exactly the same rights as wife do not move out of the house petition for shared 50-50 custody at the very least
- Coffee DrinkerLv 74 years ago
Buy what you can afford as soon as you re ready.
If and when you have a wife and children, you can use the equity in your small house to upgrade to a bigger house IF you can afford it at that time.
Keep in mind that kids don t need their own bedroom right away. Even if you plan to eventually have 3-4 kids you don t need a house for a family of 6 right away. Newborn s can sleep in a crib next to your bed in the master bedroom. Kids can share a bedroom for a while. So you can make it work in a small 2 bedroom house for a long time if necessary.
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- loanmasteroneLv 74 years ago
Buying a house is normally a personal financial decision. You may purchase a house at anytime you so desire.
Keep in mind that once you are married, this person would want to have input into where they would want to live and be involved in the selection of a house.
Even though you might have selected a house, your spouse might want to start a new life with new adventures, which mean a new house.
Also this person might think of all the memories you have in the house your currently own and would not like the idea of not of these memories with other individuals.
i hope this has been of some benefit to you, good luck.
- 4 years ago
I think it a wise Idea to buy the house in young time, because time never remain the same. Now if you have the money, then go and buy it because once you get married, live get changed, I mean your time it will be for your family not for you. So I think you should buy the house asap.
- glennLv 74 years ago
First I would be sure that I can get my degree without any student loan. Then I would get my job. Then I would buy a house -remember this is not your forever house- it is only a house for the next six to eight years. Three bedrooms would make the resale on it better. Location is extremely important. DO not attempt to wait and save up to pay cash. AN FHA loan will allow you to put 3.5% down as a minimum.
- 4 years ago
If you want a house, buy a house. God knows when you'll have a family. I'd probably choose a flat, but that's just me.
- BillLv 64 years ago
I suggest you wait until you are settled and save enough for a 20% down payment to avoid PMI. Buy something with 3 or 4 bedrooms because later it will be easier to sell than a 2 bedroom home. As with all real estate, location is very important. Buy something in an area with good schools, low crime, low taxes, and close to your job.
- Linda RLv 74 years ago
Save your money and once you get married - then you'll know what size of house to look for.