When you picture a “first-time home buyer”, you might think of a young professional or a couple in their early to mid-30s. However, all bets are off in today’s market as lifestyles and priorities evolve.
Recently, a few people have been asking us, “How old is too old” to buy a home? If you ever think you’re behind schedule or that your window of opportunity has passed, this heartwarming success story might be the inspiration you need today.
Our client (we’ll call her “Lily”) was a lifelong renter. The thought of buying a home had crossed her mind several times over the years. Nevertheless, between work and a busy family and social life, the goal kept moving further and further back.
Though the time was never quite right, Lily kept her dreams of homeownership alive, putting any extra funds she had into a savings account. Years later, the dream she never quite gave up on finally became a reality.
She met her partner, and together, they found and fell in love with a home right here in Kingston. With the help of Caldwell & Co., they soon were able to call that beautiful home their own.
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What Is the Best Age to Buy Your First Home?
Years ago, the answer to this question was simple. You bought a home as soon as you finished school and began your first full-time job. As life and priorities changed, the average age became older and older.
A milestone that was once expected in our early 20s became the norm once we reached our late 20s or early 30s. Today, the average age of a first-time home buyer tends to be in the mid-30s, but there is no longer a “right” age.
People are taking their first step onto their property ladder in their 30s, 40s, and in Lily’s case, her late 50s! If you are ready to build a life in a specific community and stay for the long term, you are at the perfect age to buy a home, no matter how young (or not so young) you may be.
On the other hand, if you love change and can’t bear the thought of being in one place for months, let alone years, you may not yet be ready for the commitment of homeownership.
Why choose Kingston as a first-time home buyer? We can think of a few reasons:
- Buying Your First Home? Kingston Is Calling!
- Where Is Kingston, Ontario?
- Your Guide to Schools in Kingston, Ontario
The Case for Buying a Home Early
It’s easy to make a logical argument for buying a home as soon as you’re financially able. Most analysts don’t predict a substantial decrease in prices; however, long-term real estate values are expected to rise everywhere in Canada.
As more people discover what a great place Kingston is, homes here will also be in more demand. The younger you are when you get into the market, the more opportunity you’ll have to benefit from rising real estate values and equity growth.
Nevertheless, buying a home before you’re ready isn’t necessarily the right decision. Fully realizing the financial and lifestyle benefits of homeownership requires a long-term commitment. If you sell too soon, you may find yourself facing an expensive move and unnecessary stress.
Wondering if that beautiful dream home is actually in the budget? Our Buyer’s Calculator can help you decide.
What Are the Benefits of Buying Your First Home Later
Lily could tell you first-hand about the benefits of being an older first-time home buyer. At this stage in her life, there was no longer any doubt in her mind that she wanted to buy, not rent.
She knew exactly where she wanted to be. When the right listing came up, she could easily imagine putting down roots in that home and neighbourhood for many years.
Perhaps most importantly, she had more purchasing power now than she ever had when she was younger, making the purchase more financially feasible. When Lily got the keys to her first-ever forever home, it was all excitement and joy, no anxiety or trepidation.
Looking for more tips to help you navigate today’s market when buying your first home? The posts below are filled with insight:
- Buying a Home: Separating Myths from Facts
- The Complete Home Buying Checklist
- Buying a Home: 5 Tips to Get Started
Decoding Your Next Steps
For Lily, the “right” age to buy her first home was exactly the age she was when she bought her first home. For you, that ideal time might be now, soon, or a few years down the road.
The decision of when to buy is always personal, and your goals can change depending on where life takes you. The one thing we can say for certain is that it is never too early to start preparing for this big milestone.
Every dollar you set aside now, properly invested, could multiply and pay dividends. Later on, these proactive steps put you in a much stronger position to get into the market.
Whether you’re ready to start your search or are still in the “asking questions” stage, don’t hesitate to reach out to a local Realtor® sooner rather than later.
Even if your purchase happens years from now, we are happy to point you in the right direction and help you understand all of the resources available to you. If you dream of homeownership but don’t know where to start, you just might be surprised at what is possible.
Do you have questions about how to buy a home for the first time? Our Kingston real estate agents are happy to help and guide you through each step. Reach out to us at caldwellco@royallepage.ca or call 613.449.6588 today.
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