Should you have your first home by 24?

Boureoisie

Just a question, should you have your first home by the age of 24?

I am interested to know this as, I am getting nowhere fast getting on the property ladder and being a student for many years.

Thanks.

MiddyMum

I am 26 and wont get on the housing ladder till I am at least 32. Got uni years to get through and then work for a bit to save deposit etc, but I am not taking out a student loan so will save a little during my degree. Times are changing, gone are the days where people could buy a house at 20 unless they have help from the Bank of Mum and Dad or left school at 16 and literally saved every penny they earnt for a deposit. My mum bought her first house at 18 and second at 23. Who can do that nowadays?!

InsertWittyName

I bought my first property at 24 - wish I hadn't to be honest

Will likely buy my 'real first property' when I'm 35-36, don't see a problem with that.

Worth a read: http://www.independent.co.uk/money/mortgages/firsttime-buyers-life-begins-at-40-6265083.html

Davesnave

Yes, every adult should be entitled to have a home, if that means a secure, dry and warm place where they can rest and store some personal possessions.

But that's not what you meant is it?

Here's a question for you. When you say "getting on the property ladder," would you consider that ownership begins when you collect the keys, or from the day when the mortgage is actually paid off?

geri1965_2

"Should" according to who? I didn't buy my house until I was 30, I know people in their 40s who cannot afford to buy.

There are no "rules".

Yorkie1

I think the average age of first time buyers is now somewhere in the upper 30s ...

SG27

I'm 29 and still living with parents. I'm the youngest of my peer group they are all early 30s. All still loving at home to. Except one who rents a flat.

Mickygg

If you can afford it, yes. If you can't afford it, no.

snozberry

You only move out and buy/rent when you can afford to do so. The idea of there being an age limit is silly.

ukcarper

MiddyMum wrote: »

I am 26 and wont get on the housing ladder till I am at least 32. Got uni years to get through and then work for a bit to save deposit etc, but I am not taking out a student loan so will save a little during my degree. Times are changing, gone are the days where people could buy a house at 20 unless they have help from the Bank of Mum and Dad or left school at 16 and literally saved every penny they earnt for a deposit. My mum bought her first house at 18 and second at 23. Who can do that nowadays?!

I’m not sure there ever was a time when single people of 20 regularly bought houses. I was 22 and my wife was 20 when we bought our first house in the 70s. But thing have changed a lot and since then most people left school at 15 or 16 and were established in their career by 21, people generally got married earlier normally in their early 20s and very few young single people bought properties.

So it doesn’t surprise me that people are buying property latter.

Jox

I bought my flat at 30, would've stayed at mum and dad's for longer but there were too many clashes so had to move out for all our sanities.