Should Young Professionals Be Purchasing Homes?

Posted by on Mar 8, 2016 in Uncategorized | Comments Off on Should Young Professionals Be Purchasing Homes?

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Buying a home is very exciting. The question frequently asked is whether or not young professionals should buy homes. This is a tough question, because it is true that younger people don’t necessarily know where they’ll be in a few years. But then again, even someone in their 50’s might need to sell their house unexpectedly. So it really is a coin-toss.  However, here are some reasons you can read more about that there is a debate about whether or not millennials should be purchasing homes.

Family. Most young newlyweds these days want to buy a house; after all, its the next milestone after marriage. The problem is that the next milestone after buying a house is having children. While they may not plan to any time soon, things come up. And then another thing comes up. Before you know it, you have two children and only one nursery. It’s not just about the space, though.  Yes, you can afford to pay the mortgage, but you may not have expected the costs of two new toddlers.

The general rule, is that if you don’t plan to stay in a new home for at least 5 years, you shouldn’t purchase it. The reasoning behind this is that it is cheaper to lease a place rather than purchase if you won’t be in a house for very long. The reasoning behind this is that it will take you at least that long to return the money that you poured into the home. 3-Reasons-Why-Video-Production-Is-The-Key-to-Improving-B2B-Sales

You’ve also got to continue working to pay off your auto and student loans as well as any other debt. Banks will be less likely to approve you for another home, when you still have one, as well as other outstanding debt, plus you’re in your 20’s. It doesn’t look too appealing to a bank lender.

Another debatable point is career which you can learn more about from this blog.. When a homeowner is just starting out, they aren’t that stable in their job yet. They may not have enough of a stable job history for a bank to justify a loan.  Anybody’s job situation can change overnight due to more reasons than are able to count. Should you have to take a job that has a lower salary, you might not be able to meet your mortgage payments and live comfortably.

Just because you can afford the mortgage, does not mean you can afford the house. Owning a house requires a stable income, money to maintain the home, taxes, utilities, and so on. You do not want to end up in a large, fancy house with no way to furnish it or pay the light bill.

Resource: http://www.peterharrisrealestate.com/