Right Time In Life To Buy Property | When You Can Afford

WHEN IS IT THE RIGHT TIME IN LIFE TO BUY PROPERTY

Many people contemplate about when is the right time they should start buying a house. Certainly, not whilst studying in universities (although some do earn quite a substantial income from part time job being a tutor or sales agent). What about just after graduate from study, when you get their first pay check. They asked the question, whether they can even qualify for a housing loan, with their first pay check. Below, let us analyze the few stages of life when people normally decide to buy property.

In what stage of life should you buy property?

Just After You’ve Entered the Working World

The period of one’s life before settling down and finding a partner or having children is probably one of the more liberating phases of life. It’s a time when you learn the ropes of how to navigate the professional world. This period is also a good time to start looking for properties you can afford.

Investing and owning property when you’re young has many advantages. You’ll be able to exploit the appreciation rate and end up with a valuable asset earlier in life, which can be a vehicle for you to own more property in the future. You’ll also be able to settle loans quicker in the long term, freeing up your finances for other things.

After marriage

If you’re buying a house to live in, having a joint loan with your spouse will ease your financial burden significantly, and give you more leverage in terms of loan settlements monthly, as the financial responsibility is now shared. This situation is of course requires your spouse to be working too.

Once you have children, it’s time to consider moving out to a larger home where they’ll have more space to grow up in comfort. The changing phases of life is a great opportunity to go looking for new property and plan for the future.

Before You Turn 35

With regards to residential properties for you own stay, the sooner you buy, the better. This age recommendation here is so that you’ll be able to pay off your housing loan of 30 years by the time you reach 65, which is around the time many people just can’t work anymore and have to depend on their savings or pensions to live.

The period of life between your mid-20s to mid-30s will be the stage where your income will grow the most. That’s why it’s a good idea to invest that money into property, which isn’t just a place to live, but as asset which will grow your net worth too.

Conclusion

Although some people prefer to rent a home their whole lives, owning property does give a solid sense of security and belonging. It’s good not to wait until you’re old and grey to own a home, and the sooner you have one, the better. This investment in buying a property isn’t just buying a home, but an investment that may appreciate over time.