Buying a home is a necessity if you want to have a place where you can live and relax. However, first time homebuyers can encounter a wide range of things that might prevent them from buying a house faster. The lack of money, expensive house prices and a lot of bureaucracy are only some of the few things that prevent many young people from getting a new house, and this is why they opt for a mortgage. Here are some interesting facts about the average age of first time home buyer.
Average Age of First Time Home Buyer
There are a few interesting things about first time home buyers, and the most important one is that the average age of the first time home buyer is somewhere around 29 to 35 years of age, depending on the country.
When it comes to the US, we can clearly see that people tend to purchase a house when they are younger, while those in the UK wait a little longer to get their first home.
Political and economical problems are the main factors that usually drive people away when it comes to purchasing a new home. However, the main problem that first time home buyers encounter is that even if they loan the money needed to purchase a house, it will be very hard for them to actually find one that suits their needs.
Interesting Things About First Time Home Buyers
Many first time homebuyers actually have too many expectations and this can easily end up in a worse way than expected. Still, waiting before buying is a thing that most first time home buyers need to do, as this is the only way to make sure that you get a proper house, one that you will be proud to live in. It’s imperative to study the market and find one that suits your needs and requests, location as well as anything else that you might want from that particular place.
Young people usually think that renting a place is the way to go, but once they find that special someone and settle down they will try to find a place of their own. This is why the average age of the first time home buyer is somewhere between 29 and 35 years of age, as this is that age in which people get a lot more mature about this topic.
Having a child on the way, needing to spend time with the loved one and so on are things that will drive any person to settle down, and that is the reason why people tend to purchase a home at this age.
Still, first time home buyers can be older than 35, in fact there are numerous seniors that lived in the houses of their families and which sell them in order to find other places to live in. However, these cases are rare and most first time homebuyers are aged below 35, as described above.