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Buying a House in Your 20s
Don’t let age get in the way of owning a home. With Royal Canadian Realty, we can use our qualified and caring agents to guide you through the process of buying a home no matter what age you are. Millennials are now one of the biggest groups of homebuyers.
If you are in your 20s, you are probably finding flat salaries and the rising costs of post-secondary education, rent, and even health care are making it harder to achieve dreams and buy a house. Let Royal Canadian Realty make your dream possible.
The Millennial Mistake
There is one common mistake young people are making when it comes to purchasing a house, and that is they buy a brand new home instead of checking out their options like buying a “fixer-upper.”
Like many others, Millennials tend to want the perfect first home, one with new construction or developments. This is understandable as many have saved up their money to buy their dream home, but they need to understand the value starter homes and fixer-uppers have.
Words of Advice
Be brave, explore options, and do your research.
If you are prepared for renovations or want to take on the challenge of fixing up a house, a fixer-upper will provide a sense of accomplishment when it’s finished. The home will also feel like it's distinctly yours.
Fixer-uppers are usually a lot cheaper than anything new but remember they will not be your dream home right away. Be sure you can handle the renovations, and research how the length of time the renovations take will affect your lifestyle.
Benefits of Buying a House In Your 20’s
If you are wondering if there are any benefits to buying a home when you are in your 20s, there are many!
The longer you stay in a house, the more wealth you will build. You will give your investments more time to grow.
Later on, you will be able to sell your home for a profit.
Once you buy a house, you have more control over how you can customize it to make it “your” home.
Buying a house will help you build credit. If you get a mortgage when young, it can help you build a good credit history which means a better credit score.
There are tax benefits that can help lower your tax burden and help save on housing costs each month.
You will be able to make steady and consistent payments. There are no landlord issues or rent hikes.
You can enjoy a paid-off mortgage lifestyle after you retire.
You can turn your home into a rental or Airbnb
Things to Keep in Mind
If you want to buy a home in your 20s, there are a few things you will need.
Steady income
A stable job
Good credit score
With Royal Canadian Realty, you can be sure your questions are answered, concerns are met, and help is given. It doesn’t matter if you are 19 or 93, our agents are here to help and guide you to becoming a homeowner. Contact us today to discuss how we can help you make your dreams come true.