For younger adults in New York, the thought of owning a home may seem like a remote possibility. Real estate is expensive, and many working adults under the age of 35 also have student loan debt. Many assume that they will never be able to afford a down payment or qualify for a loan, so they simply resign themselves to renting for years to come.
Buying a home is not an easy process, and it is not a possibility for everyone. However, many millennials may be unaware of the fact that home ownership is not out of the question for them. If you are still renting yet have the hope of having your own home in the future, it may be prudent to explore the legal and financial opportunities available to you.
Buying young can be a smart move
You may think that you are too young, have too much student loan debt or are too inexperienced to successfully navigate the home-buying process. However, buying while you are young can actually set you up for a strong financial situation down the road. In many cases, buying a home is a smart investment. Consider the following facts about millennials and home ownership:
- Buying a home as early as you can means you will have more equity in the home down the road – which is positive in the event you want to sell.
- Paying your mortgage is similar to paying rent to yourself – it is housing wealth that can benefit you in the future.
- Owning a home is important for retirement. People are likely to live longer than ever before, and you do not want to be paying rent or a mortgage after you stop working.
- There are various options available to younger people who want to buy a home — it may be possible to qualify for a loan even if you do not have enough for a 20 percent down payment.
It could be smart for your long-term financial interests to buy a house as soon as possible. However, it is still important to be cautious and thoughtful as you move forward.
An experienced ally
Buying a home is a complex legal process. It is in your interests to work with an experienced legal ally who can help you avoid pitfalls, review contracts and represent your interests all the way to closing. If you think home ownership is the right step for you, it can help to start by reaching out for an evaluation of your case.