It seems like we have this preconceived notion that twenties is not the ideal age to buy a house and this is something that we do only at the later part of our lives. However, it’s a good thing to buy a house at a younger age despite what most people think since it has so many advantages for you to use. For some, it might be a daunting thing to do but having no landlord to tell you what to do and what not to make sounds right! You could also control over the renovations at your home, giving you the freedom to build your house to however you like it. Below are some of the most important advantages of having a house at a younger age, so read on to know them!
Build Up Your Credit
If you have a credit card, you should know by now that credit history is essential in every stage of your life. Establishing a proper credit at an early stage is an excellent method for increasing your credibility as a future lender. It’s true that your car loan and credit card alone is a good building up plan, but regularly paying for a mortgage will boost your credit score significantly. The benefits of having a good credit history are that you could use this when you’re planning to buy the biggest home possible. If you’re not, then maybe it would help you buy a bigger house when you’re about to start a family.
Tax benefits should never be underestimated since it’s a significant factor to have that could only be accessed when you buy a house. If you have a home, you could obtain tax credits that you can use to decrease your tax liability. Decreasing you tax liability means that there would be a lower payment to give to the government every year during tax season. Having a reduced tax is a good thing to have for young bachelors/bachelorette so make sure to buy a house if you’re thinking about the high taxes you have to pay.
The housing market is unpredictable like a wave that you never thought would rise to five feet. If you could commit yourself to buy a house at a young age, it would be a good investment for you. Having a home means you have a property that could be sold at any time so if you do think about buying a bigger house, you could sell your current house as a down payment for your next home. Renting pales in comparison to owning a house when it comes to investment because you’re only wasting money on something you don’t hold! It’s not turning into something, but just a temporary place for you to settle in.
More Responsibility, More Money to Save
It’s a teacher that will guide us on how we spend our money. Yes, it may feel restricting to our dreams of unraveling the world with our own two hands, but it’s a good thing to be conscious about your spending to save more money. It doesn’t mean that you’ll be locking yourself up in your house, never spending a penny to enjoy the sweetness of life, but it would teach you to avoid wasting money unnecessarily. Treat that knocking grim reaper called mortgage as a friend and advisor who will guide your wallet to a bigger potential.
It’s not a benefit for your wallet, but for your well-being in general. Throughout our college years and even up to our working years, we have our own roommate experiences. Perhaps, we’ve encountered a roommate that makes you want to rip your hair apart due to their annoying habits that makes your living quarters a messy place to live. Irresponsible, unsanitary, doesn’t pay rent on time, are the ingredients to blend the worst roommate possible. They say that no amount of money can buy you freedom but at least buying a house gives you the freedom to stay away from those type of people.
Renovate to Your Liking
For every DIYers out there, nothing is a better target for your hobbies of turning everything into your own brand than your own home. You can’t renovate an apartment, so you’d be restricted on what to change and what to alter. In your home, you won’t have to think about landlords screaming at you for renovating the apartment. You have so many control when you own a house, change the theme of the location anytime you like, repaint the walls to your liking, remodel the living room into a more modern setting, turning your house into eco-friendly, and many more aspects you can freely change in your home. The sky’s the limit when you decorate your own house.