Buying a house for the first time might seem like an unattainable goal as U.S. home prices soar and affordable homes are in short supply. With planning and discipline, though, that goal might not.
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"Buying a second home after you’re 60, or another house for investment purposes – that’s common," says Jason Bonarrigo, a senior mortgage banker at the Boston offices of Wells Fargo. "But buying your first home, unless you’re cosigning for your son or daughter, is pretty rare."
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You may be under pressure to buy a home from friends or family, but you should wait until it feels like the right time. Other circumstances like knowing you will need to move in the next few years for work means that you may need to wait to buy a home.
The steps to buy a house might seem complicated at first. It’s no wonder first time home buyers wondering how to purchase a home often feel overwhelmed.
It may be the first house you tour with your agent – or it may be the 30th – but when you’re ready to make an offer on a house, it’s time to determine how much you’d like to offer, your needs and the seller’s as well. The latter might include a quick closing date, necessary repairs or covering closing costs.
Buying your first rental property is a major investment and can be a lucrative one. However, take it from the professionals that some precautions should be taken. Do your research, take your time, and read the tips we have provided from nationwide pros in the real estate industry on buying your first rental property.
Some say it’s actually better to buy your first home when you’re older because chances are you have more money in savings and investments. If you’re planning a retirement that involves extensive travel, burdening yourself with a mortgage and home maintenance is probably not the best idea, but if your retirement plans include settling down in one place, it might not be such a bad idea.
A big part of home ownership is feeling independent and responsible, including a good age or the best age to buy a house. Questions of what age you should be, or if there is a good age to buy a home, will certainly come up, especially for young home buyers.