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I’m 24 years old, just graduated college last year, and have been working full time. I’ll be working at the same place for the foreseeable future. Would be okay for a person like me to purchase a house/townhouse/condo/whatever? I’ve been renting for a long time and feel I can get more for my money. Other than having a place of my own, what are the financial benefits of owning your own house?

4 Thoughts on Should a person like me buy a house?
  1. Reply
    December 18, 2012 at 7:03 am

    You can deduct the interest on your taxes.
    You can do whatever you want to your house.
    You can sell in a few years for a profit.
    If you plan to stay for at least 2 or 3 years you should buy. Although you will need at least 3.5% down plus closing costs.

  2. Reply
    December 18, 2012 at 7:25 am

    well owning property is always a good investment, if you can afford it. (the value should increase over time).

  3. Reply
    December 18, 2012 at 8:01 am

    Even a person like you can buy a home but just make sure you know what you’re getting into and don’t rush into anything without some careful research. One of the main things to consider is what you can afford. You don’t want to ask a realtor or mortgage lender. You want to listen to your heart. There’s a big difference between the monthly rent that you are paying now and what costs there are associated with owning a home. Consider insurance costs, property taxes, mortgage insurance, maintenance, trash collection, higher utility costs for more square footage, maintenance fees for condo, water costs, sewer costs, etc. Whatever your mortgage cost is per month, multiply that by 360 months (30 years) for a true cost of what you’ll going to be paying for that home. It’s usually about 3 times the cost of the house. Always try to secure a 15 year mortgage if you can. Pay off the home and THEN trade up. You’re only 24. Alot can happen over the next 30 years in terms of employment, goals, dreams, etc. Don’t get weighed down in a mortgage. There are soooo many foreclosures out there. Don’t be the next one. Once you decide what you can afford look for less. Get a decent down payment. Increase your credit score. Negotiate pricing. There are many things to consider to make a wise decision not only for housing but for investment as well. NOW is a great time to buy but use your head. Talk to people about housing markets, pricing, pros and cons of neighborhoods, evaluate why sellers are selling. Having a home is both a great investment but can be a nightmare and source of stress. Be honest with yourself.

  4. Reply
    My Take on It
    December 18, 2012 at 8:13 am

    Do you have the 3.5% down payment?
    Do you intend on staying in the area you want to buy for at least 5 years?
    Do you make enough money? Have you been pre approved?
    What is your credit like?
    There are a lot of variables that go into deciding whether you are at a point to buy a house.

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