You have been thinking about buying a home in the Bronx, but you often hear people talk about being at the “right stage in life” or finally getting to an age where buying a home makes sense. You’re simply not sure if you’re there, and you don’t want to make a financial mistake that you regret.
With that in mind, you’re wondering how old people tend to be when they first buy a house. Is it time for you to get into the market?
The median age of first-time home buyers is younger than the average home buyer age
Reports show that the median age at which someone buys their first home is 34 years old. If you look at the overall buying trends, you may notice the average home buyer age tends to be higher, but this is because of people who are buying their second or third homes.
Mistakes first-time buyers should avoid
As a first-time homebuyer, here are a few common mistakes to be wary of:
- Moving too quickly and letting excitement drive their decisions
- Failing to shop around, both for houses and for loans
- Falling in love with a house that has clear issues and buying it anyway
- Deciding on a home before getting preapproved for a mortgage
- Spending more than they can actually afford
- Deciding to forgo the inspection because the home looks fine
- Not considering exactly what is required for a down payment
Avoiding mistakes is crucial, and this process can be complicated. If you believe you’re ready to get that first home, carefully consider all of the steps you’ll need to take with this large and exciting investment. Experienced legal guidance can help you avoid some mistakes or deal with unexpected complications.