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I'm in my 20s and single but think it's a shame to not have any ROI (return on investment) when I rent. I've always thought that I'd find a guy, get married, and then purchase a house but I'm not so sure that will happen anymore, at least not in the near future. What do you think of setting a deadline of buying a house at 30 on my own? (I do make very good money for my age so by that time I should have enough to put down a nice down payment.)
I'm in my 20s and single but think it's a shame to not have any ROI (return on investment) when I rent. I've always thought that I'd find a guy, get married, and then purchase a house but I'm not so sure that will happen anymore, at least not in the near future. What do you think of setting a deadline of buying a house at 30 on my own? (I do make very good money for my age so by that time I should have enough to put down a nice down payment.)
Who cares what age, as long as you can pay for it... DO IT!!!
I'm in my 20s and single but think it's a shame to not have any ROI (return on investment) when I rent. I've always thought that I'd find a guy, get married, and then purchase a house but I'm not so sure that will happen anymore, at least not in the near future. What do you think of setting a deadline of buying a house at 30 on my own? (I do make very good money for my age so by that time I should have enough to put down a nice down payment.)
At this point, until you know where you will be in a year or 2 (job wise), I would continue saving your money. Everyone gets too complacent that they will have a job tomorrow..and then boom..pink slip and yo a-- is out looking like everyone else. Buying a house is huge and if you don't have a job to pay that mortgage you will be in the poor house if you lose your job.
Not trying to discourage you, but reality has set in for alot of people I know that thought the same thing (in cheaper areas) and now they are wondering where their next mortgage payment is gonna come. Its a tough decision and timing is everything, but if your the sole breadwinner and you lose your job are you prepared?
If so go for it but be realistic...about this economy.
doesn't matter the age as long as financially you are able to do it, not just having the downpayment, but the "just in case" money too. Just in case you have a big bill pop up you can still manage your payment.
.... you have very little debt ( no student loans and no credit card), a payed off car, 6 -12 months of emergency savings in case you lose a job and a 20% or more down payment preferably on a 15 year loan.
Life is so much nicer with little debt and nice savings. Then a house payment can go from being a nightmare to being a dream.
I think you should buy a house when it is the right time for you.
Since you are single and renting you can move anywhere. Depending on what you job is, this would open things up for job transfers and such more easily. Being mobile has it's benefits.
The other thing to think about is maintenance. Since you are single you would be maintaining the entire house yourself. Think about whether or not you want to make the time commitment to take care of a lawn and garden, learn basic plumbing, etc. It can get pretty pricing being a homeowner if you can't do some basics yourself and have to call a contractor for everything.
There are many other important dynamics that go into whether or not buying a home is the right choice at any given time.
Maybe this will help people provide me with opinions:
*I'm in the gov't contracting world so many of the opportunities are in the WMA
*I grew up learning how to maintain a house, yard, etc. as my father was very adamant on teaching me how to paint, landscape, perform basic repairs, remodel, etc. Not saying I know how to do everything but I have enough knowledge to do basic things myself
*I'll have 0 debt about 4 years before I'd be buying a house
Location: Sometimes Maryland, sometimes NoVA. Depends on the day of the week
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I bought as a single women at age 27. There is no magic age, but when you have the income to support a house and the stability to stay in one place for awhile. And no need to wait for the guy
I also bought my 1st house when I was in my late 20's. Do you plan on staying put for the next 5-10 years ? If you have relocation plans in the next 3 years I would wait since it can be fairly expensive to buy and sell a home in a short time.
I admire you and your father teaching you how to take care of a home. So many young guys today don't know how to operate a screwdriver or paintbrush - this happens to be one of my pet peeves.
You sound like a very responsible and conservative person. No doubt you will do well.
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