How to buy a house at different stages of your life

Find a location that meets your needs

Younger shoppers and those in their 40s need to consider what they want to be close to in terms of dining, entertainment and nightlife, Dawkins said. “Location is just as important as what’s inside their home and how it will serve their life.”

Create wealth through real estate

Andy Piedra, real estate broker at Veteran USAF, suggests that the 20s are a great time to learn how to leverage real estate as a tool for building wealth. “I think anyone who can swing it should own the house they live in, but buy it wisely. It’s not MTV Cribs. If single, we like to teach buyers to buy with the intention of immediately turning the property into an asset.

The way to do that, he said, is to rent out the other rooms to colleagues, friends or anyone you’re willing to live with. “That rate they pay, in many cases, will cover most if not all of the monthly costs of owning the home.”

For young families, it’s not as possible to rent rooms, Piedra said. But they can still buy with the intention of eventually turning it into an asset. “In some cases, if they go on vacation, they can rent the house as a short-term vacation rental. Or they may be able to convert a basement into a separate rental space. Or, more logically, they buy now to enjoy the house, then when they move out, they rent the house for cash flow, which is very doable when you factor in the increases in the rental rate over time. time and/or the ability to refinance the home for a lower payment down the road.

Traditional multi-family houses

The traditional multi-family home or flex spaces are great options for first-time home buyers, said Ralph DiBugnarapresident of Qualified at home and Senior Vice President at Cardinal Financial.

“[There are] many programs through the FHA, Fannie & Freddie Mac offer that will continue to offer low payout options as low as 3%. Plus, there are more down payment assistance or grant programs available than almost ever before. These approved programs can be found on agency websites such as or

Gen Z wants flexibility

In general, DiBugnara said, Gen Zers in a position to buy are looking for more creative approaches to homeownership. “Gen Z wants flexible homes or places to live without long-term commitments and the opportunity to earn money. Gen Z has been one of the most active buyers and participants in the short-term market or Airbnb. These types of residences offer them the flexibility of not having to live somewhere permanently, but also to enjoy the house while earning income. »

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