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Home » Am I Too Young to Buy a Home?

Am I Too Young to Buy a Home?

June 14, 2022 by Karen Baker Leave a Comment

Am I Too Young to Buy a Home?

Are you really ready to buy a home? Too often this question is asked by young homeowner hopefuls and in many cases, friends or family members, or the individuals own insecurities keep them from purchasing a home in their 20’s. As the next generation starts to reach adulthood, many people may be left wondering if they’re simply too young to purchase a home. Younger generations started preferring rentals over homeownership over the past 10 years, which created the notion that you may be too young to buy a home.

What Made Rentals Popular?

There are a few reasons that rentals started to become the more go-to option for younger individuals, 3 of the most popular reasons being:

  • Rentals don’t require a down payment
  • Rentals don’t require a long commitment
  • Rentals handle home maintenance and repair for you

Related: Understanding Down Payment Gifts and Where they Come From

What’s the Flip Side?

These three reasons to rent vs. buy have created a false pretense that you may be too young to purchase a home however, this couldn’t be further from the truth. Many people have started to debunk these common misconceptions which is opening the eyes to many younger buyers, and in-turn, many younger buyers are becoming homeowners. Let’s debunk these common misconceptions:

While many real estate professionals feel that having at least a 20% down payment to purchase a home is the “best” option, it is important to know that it isn’t the only option. Many loans will only require a 3% down payment, and in some instances, you may even qualify for a special first-time home buyers’ loan where you’ll have to put 0% down, this opens a door for homeowners of all ages, regardless of how much you have in your savings account.

Related: Before House Hunting: A First-Time Buyer’s Checklist

For some, the thought of purchasing a house means that you plan to be there for the long haul, a minimum of 30 years, however, this is also a myth. Purchasing a home, even if you only plan to be there temporarily can be a great asset. You can either keep the home and use it as a rental property, generating income, or you can sell the home and use the proceeds on your next endeavor.

For many, especially those that have become accustomed to rentals, the idea of having to conduct your own home maintenance may be daunting. While you are indeed responsible for maintenance and repairs when owning your own home, with home warranties, a lot of the more difficult repairs may be covered.  Additionally, while you would have to pay for the service out of pocket, by setting a monthly home maintenance budget in case of maintenance or repair, you can hire professionals to conduct the needed work.

Ultimately, buying a home isn’t limited to anyone of a certain age, and now more than ever, the real estate market is starting to see a rise in millennial buyers and even generation Z buyers have entered the real estate pool.

If you’re currently searching for a new home, are ready to sell your home and need a qualified seller’s agent to assist you, or if you have any further questions regarding Carolina Real Estate, please feel free to contact our office at any time.

Schedule a Consultation

Additional Tips for Buyers

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  • Why is Multigenerational Living Becoming so Common?
  • House Broke: The Common First Time Buyer Mistake
  • Why Was my Offer Rejected?
  • 10 Tips for Moving Across the Country
  • Buying a Vacation Home

Filed Under: Buyers

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“Life will lead you to where you belong. Five years ago life led me to meeting Karen Baker at an...
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“Life will lead you to where you belong. Five years ago life led me to meeting Karen Baker at an Open House. Our relationship continues as Karen and her husband Frank have been outstanding not only in helping my husband and I find the right retirement relocation home, but we have watched their commitment in helping many others find their homes. She and Frank treat every client as if they are the only ones that exist. They provide thorough research of areas and homes of interest and present you with the options. They are not your typical hard sell, must-buy-now realtors. They are here to help you find your next home?. You won’t go wrong with the Bakers!
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“The Bakers treated us like family during our whirlwind weekend of looking at houses. Prior to our on-site visit to Sunset Beach they created a portal and populated it with properties that met our ever-evolving criteria. By time we arrived we had a good feel for what we could afford and what was available that met our criteria. The Bakers, especially Karen, were able to make sense of what we thought we were looking for and eventually matched us with a house that we ended up purchasing — Karen called it the “This is it” house and she was right. We are loving our 2nd home and appreciate how painless Karen and Frank made the process. All the paperwork was done seamlessly and quickly and the closing went off without a hitch. The Bakers do not believe in the hard sell — they gave us the knowledge we needed and the guidance we needed to make our dream a reality.”
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Amy and I have bought and sold four properties in the past twelve years. Both of you are the best...
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Amy and I have bought and sold four properties in the past twelve years. Both of you are the best realtors we have ever dealt with. Amy and I both felt we could trust you to look out for our interest. The level of service you provided was outstanding, from taking the trash out, helping the buyer with inspecting the irrigation system, dealing with our tenants, always being there if we needed to ask a question, providing constant updates on the market and always keeping us informed on the sale of our house. I think your next venture should be training other realtors, because both of you have mastered the art of providing excellent service. I will be sure to recommend the Frank and Karen team to anybody looking for a trust worthy, knowledgeable and top performing realtor. It was a pleasure working with both of you.”
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“Karen & Frank Baker are the best. They are very knowledgeable with the area & showed us many homes. When we made up our minds which one we wanted, they got us the best deal on it. We were very satisfided with them. After the purchased was made & we moved in, they were still there to answer any questions or problems that we might of had. Like I said, they are the BEST.”
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