When they enter adulthood, start work and start to have their own money, many people already start making plans to leave their parents’ house and achieve independent living alone. In addition, the demand that time is passing and the constant rush for stability raises the following question: is it time to buy a property of your own or is it better to wait a little longer?
This doubt is even stronger for those young people who date and already have plans to get married and start a family. But is it really essential to buy a property at this age? At the same time, should those who have not yet achieved this achievement at that age feel frustrated? What should be the factors analyzed to decide whether or not to buy a property at this age? Is it worth it for a person who still has a lot to grow in the professional market to commit to long-term financing? After all, what is the best age to buy my first property?
How to decide when is the best time?
Although young people are already more and more inclined to already achieve the dream of homeownership, several experts say that this may not be the best alternative to take. Everything will depend on a series of factors, such as the amount available to enter the property, whether the level of income is sufficient to pay the installments of the financing, whether they are married or single, whether they are stabilized and well placed in the professional market. , Among other things.
On average, the Canadian acquires his first property at age 32. This age can be a little early, as it is a stage in life where you are in full professional growth. The advisable thing is that young people avoid as much as possible to immobilize their patrimony and get stuck in a single place. Making a commitment to settle in one place can keep a person away from several better opportunities for his or her future.
In other words, buying houses for sale in abbotsford bc at this moment can mean giving up a better situation in a few years, because with a higher salary in the future the chance of having a bigger or better-located apartment is significant. At this stage of life, the best thing to do is to invest in your own training, whether in colleges, courses, travel, in short, in the acquisition of life experience. Maintaining a certain level of flexibility can also assist the person in an eventual change of direction.
It is better to wait than to rush
As much as the desire to achieve this dream is great, hold on to the excitement and be cautious. Do a lot of research before deciding and analyze all the alternatives that come up, until you find the one that fits your needs. It is often better to continue renting or staying at your parents’ home, even temporarily, until there is a real opportunity to buy the property in a more relaxed and pain-free way.
In addition, the expense of assuming a property of your own can consume up to half of the family income, making the youngest financially stagnant. The ideal is to just do this type of business when you are professionally stabilized and you can clearly plan the future.
How to prepare for the first property
Even if this is not the right time to buy your first property, you need to be ready when the time comes. At some point in your life this need will arise, as we will always need to live somewhere, and depending on rent or favored homes in other people’s homes is not the best alternative. Having your own place to live brings independence and security for you and your family.
Therefore, it is important to prepare, from the beginning of your professional life, to make that purchase one day. The sooner you start planning for this achievement, the easier it will be. It is better to reach the age of 30 with a financial volume large enough to receive a loan than with a property purchased in less favorable circumstances.
During this time, the important thing is to save part of your income to make the acquisition, focusing on accumulating a larger amount for the time of entry, thus reducing the weight of future installments.
Consider making a consortium
The real estate consortium can be a good option for those who are starting their professional lives now and are already thinking about their first property. It works as a middle ground between financing and cash payment, since the purchase is made in installments, but without the collection of interest (only administration fee). As the buyer will not enjoy the property immediately (as it needs to be drawn), this modality is indicated for those who want to buy their own home, but are in no hurry to do so and can wait for a while.
In addition, the consortium may act as a kind of financial disciplinarian for those who cannot save money and save on their own. When purchasing the consortium or condos for sale abbotsford bc, the buyer is obliged to deposit the amount every month, which forces him to plan for it.
So, if you are thinking of buying your first property, reflect well and evaluate all situations. Know that there is no right time to make this decision and that it will depend on the goals and personal condition of each one. The important thing, in this case, is to feel comfortable and be financially prepared, and to understand that each person is ready to take this important step at a different time in life. The main thing is to analyze the moment well and always weigh the pros and cons that this will bring.
