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Nope.
As long as you are not burdened by the debt and can have it paid off before you retire, why not?
I bought a small condo at 43 and paid it off in under 10 years.
Made retiring early a breeze.
I've been saving up for my dwnpmt as well a very nice cushion for other expenses.
It'll still be another 18 months before I buy but did I wait to late in life to buy a house?
The good thing about it is, my mortgage will be my only form of debt.
My wife and I just bought our first home and we are 41 and 44 respectively. Locked rates at 3.62 for 20 years. Our plan is to make extra payments on the principal to pay it off in 15 years. We have no other form of debt and we could have bought the house cash. So I feel that you're doing the right thing by living or keeping your expenses accordingly. We decided not to give a big down payment because we rather keep the cash in hand just in case.....
Nope.
As long as you are not burdened by the debt and can have it paid off before you retire, why not?
I bought a small condo at 43 and paid it off in under 10 years.
Made retiring early a breeze.
My ex-husband and I owned two homes, but buying those entailed all that compromising that married folks have to do and I didn't really like either one that much. The first time I bought a home on my own, I was 54 years old.
On my own I did drive-bys on 510 homes for sale. Then I had my (poor, saintly, uncomplaining) realtor take me inside 26 of them. This one was number 25. Number 26 was so ugly that I decided on the spot to buy this one. lol
Ten years later I am sitting in the same house and I still love it. I think that buying a home on my own was one of the best decisions of my life. I bought a modest home that I could easily afford (not the most expensive one that I qualified to buy). Because of that I was able to pay it off before I retired, which to me was important.
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