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Should you have your first home by 24?
Comments
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There is no set age - it depends on what you want out of life and to some extent, when!
When I was 24, I'd just finished my PhD and moved to a research position (I'm a chemist) on the other side of the world. Buying a house was the last thing on my mind. Since then I've lived in the Philippines, Malaysia, France, the UK and now I'm in Switzerland - all in rented accommodation of course. Mortgages span generations here as property is so expensive, hence ~ 80% of the population rents.
Thus, OH and I plan buy a small village house in his hometown in Provence, France next year. We can't live there, but will keep it for holidays or perhaps rent it out. We will both be 32 by then and FTBs, although we plan to buy outright, with no mortgage. Neither set of parents can help out, but since we are both very fortunate to have highly-paying roles, we can and are saving for ourselves.
I have no regrets about being a FTB at 32. I've spent my time getting qualifications, building my career and language skills and travelling the world. Some people back home think I'm a bit of an oddball, but the 'cookie cutter' way has never suited me.
Also as DRP said, moving about (read country, not just city) in a scientific position is really a must if you want to get on.Remember Occam's Razor - the simplest explanation is usually the right one.
32 and mortgage-free
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Everybody's circumstances are different. We bought in our late twenties with a 100% mortgage but one of my sons bought his first house when he was 23 and his girlfriend was 22. He has a well paid graduate job and has worked hard to get two promotions since then and they are now looking at buying somewhere with a few acres of land.
My other son is starting his Masters degree and hopefully doing his PhD next year so he is in rented accommodation with his girlfriend. You do what you are able to do, there is no point in putting deadlines on it.0 -
Everyone is different, too much of a variety of answers.
For me, personally, me and oh are 21, planning to buy in April 2013 when we will still be 21.
The plan is onto the second by 25.
Plans can however change.:eek:Living frugally at 24 :beer:
Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post697977710
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