When you think about someone buying their first home, you likely picture young couples at the start of their careers, fresh-faced and excited about the memories they’re going to make in their new house.
Making the transition from renter to homeowner is one of the most exciting milestones in a person’s life. It’s an achievement to be proud of and a cause for celebration. But what if you’ve put it off for years? Did you miss the boat? Will you be a renter forever?
Never fear! Yes, buying a home is a significant personal milestone, but it’s just that—personal.
Everyone’s journey in life is different, and if your journey involves buying your first home when you’re a little bit older than you had imagined, all hope is not lost.
In this post, I’m sharing some of my top tips for first-time homebuyers of all ages.
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First-Time Homebuyers in the USA are Getting Older
In 2024, the median age of first-time home buyers was 38 years old, according to a report from the National Association of Realtors. In 2023, the median first-time buyer age was 35. So it’s official: Americans are increasingly buying their first homes at older ages.
Why is that? If you’re a Millennial or Gen Xer, you probably have a good idea.
Rising home prices, high interest rates, and low housing inventory are just a few of the factors that could impact someone’s decision to buy a home.
Other reasons you might want to wait to buy a home include:
- Wanting to pay down outstanding student loans before trying to save for a down payment
- Waiting to gain more experience, seniority, and stability in your career before buying a home
- Enjoying the convenience and low responsibility involved when you rent a property rather than own it
- Expecting your family situation or life to change, and not wanting to outgrow a house
Your reasons for renting are personal. And although your reasons might be valid, there probably will come a time when you feel the urge to buy a home.
Looking for more home-buying advice? Here are a few more posts you might find interesting:
- Home Inspections—Are They Necessary?
- What to Consider Before Buying Your New Home
- Why Live in a Maintenance-Free Community in Utah
Reasons to Buy a Home at Any Age
One of the first things I ask my buyer clients is why they want to buy a home. Every person is unique, and these life situations are not relegated to any specific age. Here are just a few of the reasons I hear from people wanting to buy a home:
- I’m tired of paying my landlord’s mortgage each month
- I’m tired of rents continually increasing and living with the uncertainty that I could be asked to move within 30 days
- I’m frustrated with some of the limitations that come with renting a home
- I am planning to grow my family, and I need more space
- I want to put down roots in a good neighborhood
- I’ve established myself in my career and am looking for the next step
- I’m interested in the equity and security that comes with owning a home
What are the Benefits of Owning a Home?
If you still feel hesitant about buying a home, you’re not alone. Buying a house is one of the biggest decisions a person can make; however, it also just so happens to be one of the best. Some of the benefits of buying a home (at any age!) include:
- Stabilization – Your future housing costs will be stabilized, and you’ll no longer be at the mercy of landlords raising rental prices.
- Generate wealth – As you pay down your mortgage and your property value goes up, you’ll create equity, which will help you grow your wealth on a much larger scale than simply saving money from your salary.
- Tax deductions – As a homeowner, home expenses like mortgage interest and property taxes can be tax-deductible. You can learn more about this on the IRS website right here.
- Freedom – When you own your property, it’s yours to do as you please. Have you always wanted a bold accent wall in your bedroom? Do you envision turning your basement into a personal gym? You no longer have to ask the landlord to make changes to the home.
When it comes to the pros and cons of owning a home, the pros list is extensive and full of both practical, financial, and emotional benefits of buying vs. renting.
So, When is the Right Time to Buy a Home?
The answer might change depending on who you ask, but the truth is that the absolute best time to buy a home is whenever you are ready. It’s never too late. There is always an intrinsic value to owning a home, and there is no deadline for when you need to achieve it by.
How to Buy Your First Home
Buying a home is a deeply personal and exciting process. As a Realtor and past first-time buyer myself, I know all too well the incredible joy and stress that comes with buying a home—it’s a roller coaster!
When I work with my buyer clients, I always start by finding out why they want to buy a home. What are their goals? How do they envision their life? Where do they want to be in five years? From there, I create a plan to get us there.
You can also learn the 5 essential steps to buying a house in Utah with this post next!
It’s Never Too Late to Get Started
Whether you’ve been renting for 5 years or 25 years, if you dream of homeownership, it’s always a possibility! All you need is a vision, a plan, and the help of an experienced real estate agent.
I’ve enjoyed helping buyers of all ages get into their first homes. If you’re thinking about buying your first home, I’d be happy to help! As an experienced agent, I’ll guide you through the process with patience and understanding.
You can get in touch with me directly at 801-949-9878 or email me at Julia@JuliaSplan.com.
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