What's a good age to move into a family home?

Question

I'm twenty and my husband is twenty three. I was 17 when we bought the house. We have two children and live in a cape cod style house. It's 1 1/2 stories. It's a great neighborhood, but I think that it will be small for growing children. Our house is on 2 lots, and the neighborhood is growing,they are knocking down the older houses and building 250,000 to 350,000 dollar houses. I want to know what is a good age for us to buy a nicer two story house. What is a better age to buy a home 25, 28? We can afford a 1,000 mortgage a month. My parents bought their house at age 41. What would look better for us age wise for a mortgage lender to take us seriously. I have new credit and no problems. We have a great apr 5.75. Should we do a 40 yr term to save money? Or what? I don't know. Please help! Serious answers

Answer 1

I think the most important part is not whether you can afford a bigger house, but weather you need a bigger house. You are far to early into your lives to start amassing debt, and yes a home is a debt. I would focus more on your size requirements. From the sound of it, you have a quaint home in a nice neighborhood. On top of that you have a great rate, when many are getting into ARM's and other sinkholes(50 year mortgages?). Avoid the lower payment ploy's, you end up paying almost 30% more in the long run. Lenders don't care so much about your age as much as your credit, debt and income levels. Get to saving for a new house, and when it is finally time(You will know!) then jump into the market. Having money in savings will help with your credit rating, and smooth out any home purchase you have later in life. Avoid the debtors way of life!

Answer 2

when u are finacially and emotionally ready but seriously if u think it is best for the family then buy a new house but if life's fine and ur house just needs a paint job then dont go to misisipi just to buy a 2 story house