Buying a House in your 20s?

For many people in their twenties, buying a home doesn’t just seem like a far off ambition, it’s one they are quite happy to leave to later in life.

Yet they may notice that more than a few of their friends and acquaintances are first home buyers who are excited and determined to become home owners.

So who’s right? Really it comes down to personal choice and circumstance, but here are some of the main arguments on each side.

For renting

When you rent you have the flexibility of moving as you please - a big plus if you plan on travelling or like the idea of not being stuck in one place.

From this perspective, buying a house ties you to one location, and if you want to change, it can take time to sell your property, and indeed to buy another one.

For buying

One thing renters can’t say is that the house they live in is theirs and theirs alone! As a home owner you can personalise your space however you choose.

You also get the satisfaction of knowing that, unlike rental payments, your monthly loan repayments are building your equity in a sizable asset.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.