Benefits of Buying a Home in Your 20s
November 18, 2021
You might be surprised to know that an increasing number of those in their 20s are buying homes in Portland OR and across the country these days. You don’t have to have spouses and kids to buy a house. Many people are buying their first home on their own, because they recognize the benefits to owning a home as soon as possible.
While not every 20-something is going to be able to afford a house they want to live in for the rest of their life, they are buying homes that can be beneficial to them for years to come. Buying a solid home that you can stay in for a while leads to potential wealth increase when your home’s value increases. People have seen the recent seller’s market and know that if they can hold on to their home for a while, they could benefit from another seller’s market down the line, resulting in a significant return on their initial investment.
That also means they have more to invest in a bigger and better home sooner than those who wait. When those in their 20s do start having families and want more space, or a particular school district, having previously bought a home and paid off a portion of it gives them more room financially to buy that next home.
Additionally, there’s always the option of maintaining the home and using it as a rental income that can help pay for a second home. The income could also be used to pay off more of the first home. That leaves you in a solid position of borrowing against your home’s value at lower interest rates.
You could always keep the house, and if well-maintained over the years, you could stay in it permanently, having paid off the home early on in your career, leaving you more money for retirement and enjoying life. Even if you rent it out, you could always return to it if you want to downsize in the future.
Other benefits of buying a home in your 20s include the financial relief of not having to worry about rising rent costs. There’s also the freedom that comes from no longer renting. You have more autonomy over what your home looks like, even the potential to add on to a home if you like it but want more space.
Certainly, if you purchase a home early on, that will be a benefit to your credit score, strengthening it for future purchases. There are also often tax benefits that can reduce what you owe each year, further strengthening your financial position.
Purchasing a home in your early 20s isn’t easy, but more young people are looking to this option for the security, stability, and potential future wealth options it offers. If you are thinking about purchasing one of the homes in Portland OR, contact us and let us show you the range of homes we offer that could be ideal as your first home.Tags: homebuilder in portland or, homes for sale portland or, new homes for sale in portland or
This post was written by Pacific Lifestyle Homes