Self-made millionaires often tout the virtues of homeownership as a way to practice budgeting and moderation. Saving up for a down payment on a home gives young people a great sense of accomplishment. Buying a home in Springfield MO is a top goal for a lot of millennials. According to a piece by muskogeephoenix.com, the recent 2017 Generational Research Report showed buying a home is a top financial priority for young workers. In fact, the study showed people who meet their home buying goal in the beginning stages of a career often become better money managers. Even if you don’t excel at personal finances, it’s possible to improve your credit score, save up for a house and emergencies as well as pay off credit card debt.
Getting an edge
By buying a home in your 20s and 30s, it’s easier to devote later years to saving up for retirement. After having children, many people feel torn by competing financial goals. Financial experts advise moving on a home purchase as soon as you have the down payment money and pre-approval letter from a lender. Home owners who achieved their financial milestones often experience less stress that spills over to the workplace.
Developing life-long habits
A recent article by CNBC interviewed millionaire Marcus Lemonis, an advocate of home ownership. Lemonis says not buying a home is the worst mistake some millennials make. He says buying a home requires preparation and moderation. Also, owning a home gives you a sense of gratification knowing you worked hard to save up the money for a down payment. Most home owners feel settled and secure.
Buying a home as an investment
Of course, it’s also smart to buy a home in Springfield MO as an investment. Some investors start small by living in part of the home while renting out rooms. Whether you buy your first home as an investment property or as your personal residence, get started with a plan.
At Realty Executives By Realty Choice, we help first-time buyers ready to hunt for houses in Springfield MO. For more reasons why buying a home is advantageous for young people, please contact me, Julie Pickens, your Springfield, MO real estate agent.