Some Good Advice for Young Home Buyers Today

Education & Training

When some really smart people agree on something, you can usually count on their advice. And most smart older people agree that you should put off buying your first house if you have just graduated from college. The stereotypical twenty-something has: student loans, car loans, credit card debt, expensive tastes, and an entry-level job.

But the beauty of being young is that if you believe you can be different, maybe you can. Look closely at your finances and circumstances. If you meet the criteria, buying a house now might be a smart move.

Ask yourself these questions:

Will you need to move in the next 2-3 years?

If so, wait to buy a house. You will lose on closing costs and fees, and you can't be sure home values will rise enough by then to make a short-term investment worth it.

Do you have job security?

Maybe you work for the family business and intend to take a leadership position at 32, or you've realized your dream and opened a beauty salon in a snazzy part of town. If you are happy in your career and are certain that you have job security, you are ready to buy a house.

Can you save for a down payment?


Comments (0)