Overcoming the fears of Homebuying as a 26-year-old

My parents are always nagging me about purchasing a home. If you know my mom, this is a weekly conversation trying to tire me out so she gets her way. She tells me that I have a good job with a steady income and that I would be building wealth. My favorite is when they offer me money to help with the down payment. Although many of my friends are now homeowners, there are still many of us that have yet to make the leap.

I’m about to turn 26, which means I have all these anxieties about what I am doing with my life and how I haven’t discovered the cure for cancer, done enough volunteering, or even finish the last season of Game of Thrones. Instead of completely freaking out and hiding under a rock, I’ve decided that I’m going to take things one step at a time and ask myself some hard questions.

What is question #1? Why is buying a home such a scary thought?

If you are like me, buying a home isn’t just buying a home. It is acquiring more debt, displaying all my dirty secrets to a stranger, and COMMITMENT. Because of my fortunate situation of working for a mortgage company, I came up with reasons why all my fears are simply something that I’ve drummed up with the rest of my quarter-life crisis.

  1. Not all debt is bad debt: Unlike credit card debt, purchasing a home can help build your credit, give you tax benefits, and allow you to build wealth/equity.
  2. Everyone has secrets: As much as we want to believe that the whole world cares about our secrets, that is simply untrue. Mortgage professionals look at your personal information as a mean to make sure that you can afford to buy a home, no one cares if you went to McDonalds 8 times this week.
  3. It isn’t forever: Every year I tell myself that I’m going to leave where I’m at (Reno, NV) and guess what, I’m still here. Owning a home doesn’t have to cripple your dreams of traveling or moving in the future. If anything, it gives you more options. Not only do you have a home base when you travel, if you decide to move to another state/country you could rent your home or sell if there is equity and make some money.

Purchasing a home isn’t as scary as I thought it would be. I traded my $1680 rent payment for a $300,000 home. Even if you are not ready to make the leap quite just yet, go talk to a lender. They can help you by showing you where you stand now and what you need to do to get where you want to be. The best part is that the consultation is free.