2006-07-10 05:31:10 · 8 answers · asked by blueboy342 3 in Business & Finance ➔ Renting & Real Estate
First of all, it really does not depend on your age or whether you can afford it or not. NO...I am not trying to tell you to streach your finances just to buy a home but what Im trying to tell you is that it really depends if you are responsible enought to make the payments month after month. It really does not depend on the finances because there are banks that will approve almost anybody for a loan. They are in the business of making money and they do it by loaning money so it is to their best interest to lend money. When you get into trouble is when you start streching your finances and being late one payment here on one credit card or one payment there on your car because all that will add up when you try to buy a home or when you try to refinance.
Somebody advice you to rent so you can learn to be responsible with monthly payments first. Well I tell you DO NOT RENT. That is a waiste of money. Do you like throwing money down the toilet every month? I dont think so.
I suggest that if you are living with your parents first take some money every month that would cover for the mortgage payments and put it away every month. Give it to your parents to hold it or deposit it in a bank account. That way you are learning the same way as paying rent every month BUT you are actually saving money every month for your down payment or your closing costs.
I hope this information helps you in some way and good luck. Buying a home is the best investment you will ever make in your life so treat it like such!
2006-07-10 17:19:41 · answer #1 · answered by SCCRealEstateUNCENSORED.com 3 · 1⤊ 1⤋
Real estate is still one of the best investments you can make. If you can afford it and you are responsible enough to make the payments on time and keep the property maintained, there is no such thing as buying too early. Research your market, though, as some analysts are predicting that the so-called real estate bubble will soon burst in some markets, causing prices to drop. Not a good thing if you just bought. As long as you're not in an artificially inflated market, though, buying property is a great idea.
2006-07-10 13:56:59 · answer #2 · answered by mockingbird 7 · 0⤊ 0⤋
There isn't really a best age to buy a house, it depends on your finance. I recommend that u should rent a apartment first before u actually own a house. Renting an apartment will give u a feel of the responsibility of owning a house. When you are ready to own a house and you have enough dough you should rent out your appartment for a monthly rate. Doing this u will recieve money. The more properties u own and rent out the richer u can be.
2006-07-10 13:03:27 · answer #3 · answered by Remo V 1 · 0⤊ 0⤋
Uhh as long as you can get a good loan, and have a stable job to pay it off then I guess it's ok. If you can manage that at a young age, then you might think of becoming a real estate investor, or rehaber. The real estate market has a lot to offer, if you know what your doing. Like now every one wants to sell, and they keep inflating the prices, but no one wants to buy. But if you are just interested in buying a home for your self, go right ahead if you can afford it, just don't do it when you're 16 just b/c your parents have money.
2006-07-10 12:48:13 · answer #4 · answered by <3 2 · 0⤊ 0⤋
I agree that you should buy a house when you can financially afford one, but also when you are ready to accept the responsibility of owning.
With 50 year terms available in some states, it seems as if some lenders are basically looking for 15 year olds who want to own their house at the time they retire! LOL!
If you need help investigating your options, feel free to contact me. I am a Home Loan consultant for a National Mortgage company, and I specialize in first time home buyers.
Best of luck to you!
2006-07-10 12:40:54 · answer #5 · answered by mzfilly 2 · 0⤊ 0⤋
As soon as you can afford it, BUY IT! :) It will be an excellent investment. Also, if you you are living in CA, you will definately get your moneys worth if you decide to sell it later on. It probably depends on what part of the country you live in. But there is no harm in the sooner the better, as long as you can afford it.
2006-07-10 12:37:45 · answer #6 · answered by Surf n' Snow 5 · 0⤊ 0⤋
The best age to buy a house is when you can afford one. The earlier the better!!
2006-07-10 12:34:59 · answer #7 · answered by WiserAngel 6 · 0⤊ 0⤋
nope, they're great investments, however be prepared for the
responsibility, getting evicted from an apt, and getting forclosed on by the bank are two very different things
2006-07-10 14:46:49 · answer #8 · answered by Jenster*is*flipping*you*off 6 · 0⤊ 0⤋