Buying a home is something everyone dreams of and while most of us will get to experience the feeling at least once in our life, it’s something that never seems to come early enough. It takes a lot of hard work, time, energy, effort, and things going in your favor before you can buy a home.
Of course, that’s what makes it such a special moment. Whether you’ve been working towards that goal for weeks, months, years, or decades, the moment you achieve it is unlike anything else in this world. It’s a moment you’ll remember for the rest of your long and illustrious life.
With that said, buying a home is an enormous responsibility and one that shouldn’t be rushed or taken lightly. It’s a big decision that must be made by an adult – which leads many to ask, ‘How old do you have to be to buy a house?’ Don’t worry, we’re going to break it down for you below.
Before you can purchase a home, you must sign a series of legal documents stating you understand the terms of the agreement, mortgage, or transaction. For this reason, homebuyers must meet the age of majority in the state they’re purchasing the home before closing the deal.
You’re probably asking yourself – what does ‘age of majority’ mean? According to the Cornell Law School, age of majority is “the age at which an individual will be legally considered an adult.” In the state of Missouri – as well as most states in the US – the age of majority is 18 years old.
While that means you must be 18 years old to buy a home in Kansas City, there are several ways someone can buy one sooner – though it will likely require a co-signer. Either way, it’s usually best to wait until you’re more mature and stable – not just financially, but also mentally.
Other Factors Considered When Buying a House
Once you turn 18 years old, mortgage lenders and property owners aren’t so much interested in how old you are. In fact, age is protected under federal anti-discrimination laws – meaning it can’t be a deciding factor in selling or not selling someone a home, especially if their aboe 18.
With that said, there are a number of other factors that mortgage lenders and sellers are more interested in, other than age. Let’s take a look at some of the most prominent:
- Credit History – this shows lenders how responsible and reliable you are with money, giving them an idea of your ability to pay off a mortgage. A good credit score is mandatory.
- Debt-to-Income Ratio – this shows lenders how much debt you have, versus how much you make on a monthly basis.
- Down Payment – the more money you’re willing to use as a down payment, the better chances you have of getting approved for a home. A small down payment won’t be beneficial.
- Work History – homebuyers with a consistent, sustainable, reliable, and well-paying career have a better chance at getting approved.
- Price of Home – the value of the home you’re interested in also plays a role. The more expensive the home, the more stable you must be.
For those that meet all the requirements for buying a home, age is just a number and will only be a problem in the home-buying process if you’re under the age of 18 years old. Once you’re officially a legal adult, the factors listed above take precedent over most everything else when purchasing a home.
Pros and Cons of Buying a Home at a Young Age
Buying a home or taking out a mortgage loan at an early age is an attractive lifestyle for many people and while it makes perfect sense in certain situations, it’s not always the best decision. Like anything in life, there are pros and cons to buying a home the first opportunity you get – it’s different for everyone.
Here are some of the benefits of buying a home at an early age:
- It can be used as an investment property later in life
- When the house is paid off, you can sell it for profit
- It’ll likely be paid off by the time you’re ready to retire
- No landlord, which means no random fees or price hikes
- Ability to customize the property to your liking
- Helps you establish good credit at an early age
- Enjoy some much-needed tax benefits
- First-time homebuyers don’t need a big down payment
Now, let’s take a look at some of the downfalls of buying a home at a young age:
- It’s a long-term, hefty commitment for a young adult
- Not a good idea if you’re someone who likes change
- Owning a home can be expensive, especially when repairs are needed
- Owning a home is a huge responsibility that some people aren’t ready for
Buying a home is a long-term commitment that many view as a turning point in their life. Due to the responsibility that comes with purchasing a home, buyers must be 100% confident they’re ready for the commitment they’re getting themselves into — including the monthly payments, legal agreements, property taxes, private mortgage insurance, etc..
Signs You’re Ready to Purchase a House
We’ve talked a lot about making sure you’re ready to buy a home before taking that big, much anticipated step in life. Unfortunately, most people have no way of knowing when they’re ready and it often leads to them buying a home too early or too late – which can be troublesome.
Let’s go over some of the most telling signs that you’re ready for a home purchase:
- You don’t have a lot of debt
- You have a reliable source of income
- Your credit is above 620
- You’re in an area you want to live in long-term
- You’ve saved enough for a down payment
- You have the funds to cover closing costs and renovations
- Buying a home is something you want to do
Many people say the best age to buy a home is somewhere between 25 and 34 years old. While that’s often a good general rule of thumb, everyone’s situation and circumstances are different. Most people will know when they’re ready, but others might need some assistance or guidance.
We Purchase Homes on a Regular Basis
There’s a unique thrill that comes with buying a home and it’s a feeling you can’t duplicate elsewhere – we know because we buy homes right here in the Kansas City area regularly. No matter the condition, location, or circumstances, we’re always ready to extend a cash offer.
Are you someone that’s interested in selling their home? Are you looking to move out of the Kansas City area? Are you having a hard time with mortgage payments or credit card debt? If you’re looking for a cash buyer that closes deals fast, then you’ve come to the right place. Contact Sell Your House Fast Kansas City to receive your cash offer today!
