If you are struggling with the thoughts of when, or why you should purchase a home, ask yourself a few questions.
1. How long do I want to rent?
2. What would make me want to purchase a home?
3. Where would I like to look for a home or investment in a home?
These simple questions might be answered as simply as generations before you.
1. I could keep on renting forever, but do I want to keep giving my money away? What do I have to show for it? What tax deductions can I get from purchasing a home or an investment piece of property?
2. Do I need to settle down to own my own home? Do I want to own it with friends? Do I want a yard? Do I want to start thinking about another chapter in my life?
3. Do I want to stay close to work? Do I want to invest in a busy area for rental? Do I want to invest in a summer rental, where I can bring in an income and still have a great place to hang for the weekend?
When all else fails, go ask mom or dad. You’re at that age, where parents really do know a thing or two. Go ask them why they wanted to buy a home. They’ll probably say, “to raise a family, good investment, liked the area, like the grass under my feet, needed a tax break.” Whatever the reason, they’ll probably agree with you that they are the same reasons for you to invest.
There are opportunities out there just waiting, and with the low mortgage rates, this is the right time to think about where you are going with your money, your investment, your future plans. If you think you can’t meet the deposit requirements, this might be something else to talk over with mom and dad. If they are in agreement with you on a location, they can start the ball rolling for you with the down payment, co-sign the loan. Some rents are far more expensive than a mortgage payment these days, and if you’re paying them, you might as well start buying.
Go out one weekend with a real estate agent and see what opportunities are there waiting for you. Test your skills with the real estate online searches. Plug in all the info you want and click, click, click your way to possibly a new chapter of real estate investment, which can lead you to a future you didn’t think to even entertain.