WHY YOU SHOULD BUY A PROPERTY AS EARLY AS YOUR 20S

WHY YOU SHOULD BUY A PROPERTY AS EARLY AS YOUR 20S

Being 20 something myself when I purchased my first property was of course very exciting but also a bit overwhelming. So I can understand how difficult and intimidating buying your first home in your 20's can be. So many responsibilities! Having to deal with the cost of living not to mention student loans. Trying to juggle these things while working to maintain a social life can become stressful.   

Many decide to hold off on buying a home until they find "the one" or have a family but the fact is the earlier you begin to climb the property ladder the better off you'll be in the future. If you have the option to invest in yourself and your home instead of being someone else's investment why choose the latter option?   

Reasons to start NOW  
 

1.) ADDITIONAL SOURCE OF INCOME: Buying a rental property or Multi-family is a great way to bring in extra cash a month to assist in paying down debt or put towards living expenses.  

2.) BUILDING EQUITY: Unlike monthly rent payments every mortgage payment you make on YOUR home is slowly building equity. Once you've built a decent amount of equity your home could be used to secure a loan for something else you may want to accomplish like renovations, consolidating debt, or even starting a business.   

3.) BUILD YOUR CREDIT: If you're buying a home at a young age you're already working with credit. Obtaining a loan with a financial institution or a direct lender at a young age is only going to make your credit history look more impressive to future lenders.  

4.) TAX BENEFIT: Mortgage interest and property taxes are deductible! Along with other expenses like certain repairs done on the home.   


Many Buyers don't realize that purchasing a home could be cheaper than they expect. This is why it's so important to work with a realtor who knows their stuff. Purchasing any property can be scary and risky. However, where there is no risk there is no reward! So stop putting things off and begin taking steps to prepare yourself to purchase a property!  


Erin Bishop Headshot
Author:
Phone: 717-873-8767
Dated: August 1st 2018
Views: 177
About Erin: Erin is a real estate agent as well as an experienced real estate investor. A graduate and from Wide...

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