For the majority of families who own any assets or wealth, their home is their biggest asset. When people build wealth at a younger age, one of the first things they eliminate from their budget is the cost of rent. By paying a mortgage instead, you get to start building wealth regardless of your family home plans.
The biggest regular expense for most families is whatever they pay to cover their housing costs. For many people in cities, this is the cost of rent because houses are prohibitively high. All over the country, people are renting for the same price they could be paying a mortgage for.
If you’re thinking that it might be time to make the leap on your family home plans, you might not know where to start. Here are some of the ideal times you should make a move.
1. A Few Years Into Your Career
When you get your first big paycheck from that job you’ve been angling for after years of waiting, you might get stars in your eyes. But you don’t have a crystal ball and you don’t know what the future holds.
The economy is changing rapidly. The gig economy is upending just about every industry. Even industries that seem immune to those changes are seeing the effects of online retailers reaching into their service sector.
Save for a few years and see if this job is really your dream job after all. You might find that while you love the industry, you belong at another company. Millennials are a generation of job hoppers not because it’s a bad idea, but because it’s a way to expedite career growth.
Similarly, if you’ve recently graduated college, you need to spend some time building your career before you make a big jump. While it can be tempting to make a leap, tread slowly, especially if you’ve got debt.
2. When You Decide To Move In With A Partner
If you’ve decided it’s time to move in with your partner, congratulations! You’re making an exciting decision that could strengthen the bond between the two of you.
When you make this decision, start small. If you were already planning on buying a house, keep everything in your name. Otherwise, move into an apartment together and start to save.
During this time, you could get to know the dynamic of living together and prepare to save for an even bigger home.
After you’ve been living together for awhile, invest now before you build a family together.
3. When You’re About To Have a Child
If you’re about to have a child, you should be excited about the future. This is a great time to think about your family home plans. However, having a child can be a huge expense.
If you’ve been aiming for a home all along, it might be the time to pull the trigger. If you feel pressured just because of the arrival on the way, pump the brakes. Get your bearings as a parent first, because everything is about to change.
Your Family Home Plans Are A Big Deal
Because it’s such a big move, you should act cautiously. Get a sober look at how much money you’ve got saved and how much you’ll be making in the coming years. Waiting a year could be exactly what you need or your situation could be better than you think.
You don’t know until you talk to a realtor.
If you’re ready to look into your family home plans, contact us today to see what could be in store.