Marco Island millennial homebuyers, take note! Buying a home while you’re young makes a huge difference for your financial future. A recent study looked at older adults and compared the financial outcomes based on their age when they bought their first homes. In the study, half of the adults in in the sample bought their first house when they were between 25 and 34 years old. Just over a quarter bought their first home before the age of 25.
When the adults purchased their first home before they turned 25, they had an average of a mere $10,000 left on their mortgages by the time they turned 60. Those who purchased their first home in their mid 20s and earth 30s though had about five times that much left to pay off at the age of 60! A few years seemed to make a big difference in financial freedom as we enter into retirement age.
Millennials are waiting until their older to purchase their first homes though.
Rent is often more expensive than a monthly mortgage payment and this study shows that millennial renters should think about buying now instead of renting for another year. This is the easiest way to begin building wealth instead of making someone else wealthier.
Tips For Getting Into A Home While Your Still Young
Here are some tips that can help millennials make th step towards home-ownership:
First of all, don’t assume that you can’t afford to buy a home. Many of our clients didn’t think they could buy a home either, but they wanted to indulge their curiosities to just view some homes on a walk through. Just because you think that you can’t afford it doesn’t mean you can’t. There are many programs for first-time home buyers that can help. Ask us for advice on a good lender who can figure out the best way to get you into a home so that you can start building equity and wealth right away. You don’t have to wait!
Getting prequalified is easy. You can get prequalified over the phone or online in a snap. They will let you know exactly how much you can borrow from a certain lender. Getting in now before interest rates go up again is a great idea too!
Imagine this: You could be in a new home in April, just in time for spring!
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Are You Buying a Home on Marco Island?
Considering buying a home on Marco Island? We’d love to help you find one that’s just right for your needs.
First, check out available Marco Island area properties using this helpful search tool. If it’s easier, you can just call us at 239-821-7926 or get in touch with us online to let us know what you’re looking for. We’re happy to contact you however you prefer. Then, we’ll start searching our databases right away using criteria you specify!
In the meantime, you can also easily explore Marco Island real estate by price:
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