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What age to buy a starter home?

We’re noticing an increased demand from young adults interested in purchasing property. There are an array of reasons why it is advantageous for people in their twenties and thirties to invest in real estate.

The starter home has been a topic of debate in the real estate market for many years, discussing the advantages and cons. However, as the modern consumer becomes more informed and has advanced tools at the tip of their fingers we’re seeing a greater desire to take hold of their financial freedom and take ownership of their investment choices.

Generally speaking, when you’re a young adult your financial commitments are less demanding and you have more room for movement. Investing in a property to secure your financial future means that you’re ahead of the pack so by the time your financial responsibilities increase you have an advantage.

It is however important to note that although there is a lot of value in purchasing a home at a young age, there are an array of prerequisites that need to be adhered to and understood before embarking on this journey.

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Buying property is not just about qualifying for the bond, but also ensuring you can actually afford everything it entails. Aside from your bond, there are monthly rates, taxes, levies, and of course the upkeep. If you are planning to have tenants, making use of a reliable real estate agent ensures that your property is well looked after, while you continue your studies, travel the world or climb the corporate ladder.

Property is a long-term commitment, you must be absolutely sure you are ready for this step.

And it is imperative you do your research, educating yourself and enlisting the help of professionals, such as financial planners or mortgage brokers, you should be able to make an informed decision based on facts instead of making a spur of the moment emotional decision based on what’s “trendy”.

Shaun Luyt
Rentals Operations Manager