To Do List:
1. get married
2. buy house
3. have children
This has been the “order of go” for decades.
But, now more singles are opting to buy their first houses before getting married or having children.
The number of couples with children buying a house before marriage is also on the rise.
It would seem that low interest rates coupled high rents and the tax advantages of home ownership are enticing 20-somethings to buy their first home as soon as they can.
And, there is talk that mortgage rates may decrease again (although I have not heard anything definitive- maybe one of my mortgage experts would like to comment?)
If you are considering purchasing a house, now may be a good time.
Beware of a few potential pitfalls:
– do not buy more house than you can comfortably afford
– know the market in your area and avoid bubbles
– do the math to see if renting or owning is more cost effective
– be honest with yourself whether you want the additional responsibility of homeownership
– plan to live in the home for at least 3 years
– do your best to avoid PMI (private mortgage insurance)