If you’re like an increasing amount of people nowadays, then you haven’t bought a home anywhere near as early as your parents or people of the last generation might have. There are a lot of real financial reasons why that is the case, but while it’s not as accessible today, homeownership is still entirely possible, today, if you’re willing to sacrifice and pool a lot of your resources towards that one goal. And there are plenty of good reasons to do that as you get into your thirties, too.
Give yourself time to establish yourself
There are some people who will go about getting on the property ladder as early as they can, and there are some distinct advantages to that. However, it also has some drawbacks. Buying too early before you have really found your place in your career and decided where you want to settle down can end up tying you to a location that you would rather not stay in. Waiting for a while can help you ensure that your choice is right for the life you want to lead.
Get the best deal on the house
When you take a little longer to save up and make sure that you’re ready to buy a home, then you can ensure that you’re getting the best deal on any home loan you have to take out, too. For one, you can put together a larger downpayment so that your repayments are a lot more manageable. You can also take more time to improve your credit and work with brokers like Aussie to get the deal that suits you best, instead of only what’s most available.
You can make it your own
One of the biggest drawbacks of renting is that you can’t really make any meaningful renovations. Even if you want to, it’s effectively throwing money into someone else’s investment. However, when you own it, you can work with teams like Bloq Bathrooms to create a blissful home that meets all of your needs. Aside from making your home how you want it, these improvements can also strengthen the property as an investment.
So you can sell it
One of the reasons that buying property becomes an increasingly good idea is that it can be an investment that returns on itself in a few years. When you’re selling a house, having made the above-mentioned upgrades and having waited for the market to switch around can work in your favour, financially.
It offers some financial stability
Even if you’re not selling your home immediately, you are building equity in it. As such, should an emergency arise and all your other financial protections arise, you can release some of that equity by using options like remortgaging which might not otherwise be available to you.
Practically, financially, and in terms of future planning, owning property makes sense. It doesn’t have to be a forever home, but it gets better to own than rent as you start getting older and more established in your career.