Is it silly to take a mortgage at age 20? I would end up paying a few hundred more than I currently do by being a rentoid but otherwise it's still within budget as per current lifestyle. My salary is minimal. Still unsure as what to do with life.
>>33652515Would picking up that mortgage put you in a precarious situation if say you lose your job, get seriously hurt, you have to care for family, the economy slows down etc? If yes then NO, hard noTbh anon at 20 it's too soon you still have time to make big changes to your life, I'd recommend you build a security blanket before making big decisions such as this
>>33652541Use that money to get better education or perhaps vocational school if you lean that way that will be better for you future
>>33652515a mortgage is a long timebut property is generally a sound investmentwhat's the place like?and what interest rate can you get?
>>33652541Certainly, if I lost my income I would be screwed—just as I would be now, with renting.What stresses me is that I don't want to buy a house too late. I wouldn't want to finally pay off my mortgage at the ripe age of 60 or over.>>33652591The houses appear to be fine. Locations, however, at my price range, are rather inconvenient as they will add to my commute.Interest rates for what I'm looking at hover at about 3,5%. But I expect more in reality.
Owning property is almost always a good idea unless something catastrophic happens. Paying rent is essentially just paying someone else's mortgage, so you might as well just pay yourself.
>>33652515It very much depends on how you want to live. Buying a home locks you into a place and likely a job for at least a decade or two. All the taxes, insurance, and upkeep related to the home would also become your responsibility. Renting is generally cheaper in the long-term (depends where you live), and investing while renting can sometimes lead to better returns than eventually owning a house. It totally depends how much you're making and how stable your employment is, but I would just say you seem kinda young to be trying to buy a house. Despite the online brainrot, it's always been more normal to not buy your first home until your mid-to-late 20s, and usually couples or roommates buy them, not individuals.I'm no expert, but I also think the housing market is about as bad as it is going to get atm, short of a future market crash. We currently have major supply problems because of all the boomers in their 70s and 80s continuing to take up space and retarded NIMBY's and building regulations preventing construction of new homes. Don't know if a few years would be enough to change that, but even still, it might be good to wait until interest rates are much lower so you can get a better deal on your loan.
>>33653166You raise good points. Perhaps it would be a better course of action to just get a degree and a higher-paying job before I buy a house. I just wouldn't know what I want to do for work aside from what I do now.
