Most people these days think about buying Real Estate in Navarre FL when they are ready to start a family and settle down. First time home buyers these days are generally in their mid 30s, compared to those of the previous generation who were in their mid 20s.
Gerhard Kotzé, MD of RealNet agency says “it can really pay to get a start in the property market much sooner. In fact, the earlier you begin the journey, the better.”
People who start a first job do, of course, have to budget their finances carefully to cover all of their bills. But if you’re successfully paying rent and your bills on time then you should definitely consider the benefits of purchasing a home instead!
What Are The Benefits Of Buying Real Estate At A Young Age?
Firstly, the value of your property will steadily increase over time, and the owner who is planning to sell after some years can confidently expect to show a positive return on their investment.
The average time frame of first-time home ownership is 12 years and owners usually have paid off a substantial portion of their loan and have generated equity in their home.
Building equity by paying on your home loan each month is as effective as putting money into your savings account and receiving paid interest at whatever your home loan interest rate is, but it’s a better rate than the banks pay and it’s tax free!
Gerhard also noted that the longer buyers stay in their homes, the more cost-effective owning becomes when compared to renting a home. Because rent will keep rising at the rate of inflation every year, after having to paying higher and higher rent you will not have anything to show for it. You simply move out and leave the property behind. You might even have to pay an additional amount to restore the property to its original state!
On the other hand, home loans are influenced by interest rates only, which tend to change less often and by much smaller percentages. When interest rates do rise, part of every month’s payment still goes towards reducing the outstanding capital portion of your home loan and continues to build up your own personal wealth.
Owning your own property also brings great benefits such as stability, privacy, security, and freedom to control your surroundings. Renting doesn’t usually come with a lot of options for modifying or upgrading the property to better suit your needs.
Finally, because home ownership implies more responsibilities than renting… covering the costs of home repair, maintenance fees, and paying your bills on time all while paying off your home loan is a great way to build up a healthy credit record from a young age!
If you’re looking to purchase property in Navarre, Gulf Breeze, Pensacola, Fort Walton Beach, Milton or Pace, we are here to help make the process easy for you!
Call Chris Stapleton Realty At (850) 939-1099 To Get Started!
To ensure you are ready to purchase, learn the Top 5 Traits Of A Good Homebuyer!
