Owning A Home Before 30
In today’s world, younger adults are becoming more successful earlier in life.
Many professionals in their 20s enjoy very successful careers. While they are building those careers, they often rent townhomes, lofts, and apartments as their primary residences, paying ridiculous amounts in rent for convenience and security.
When asked if they would like to own a home, they often respond, “I don’t have my life partner” or “I don’t have a family yet.” My response to them is even if you anticipate these things to happen soon, there is nothing wrong -- and much that is right -- about securing an investment. After all the term is “starter home.” I speak from experience because I was once in their shoes.
Often, we have in our mind that things should go in a certain order. But honestly, there is a chance things may be aligned differently in your future.
I had a career, no children, and no spouse but I was determined to be a homeowner. I ended up finding my “starter home” at a great price. I was paying less in mortgage than most one-bedroom apartments. Seven years later, I sold the home for 2.5 times the amount I purchased it for. This was not only an investment but it also gave me the space, privacy, and time needed for things to align the way I wanted them.
Learning from my own experience, I encourage young adults to break pre-conceived notions about waiting to owning a home until they have a family, and to look at it as the solid investment it can be. Who knows what the future holds.
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