Saving for a home in your 30s? Why Buying Later in Life Could Be More Beneficial

If you’re in your 30s, perhaps you thought you’d be on the property ladder much sooner. The fact is, the average age for a first-time buyer is edging ever closer to 40, according to this article on The Daily Mail website. So, you see, there’s really nothing to feel too downbeat about. Indeed, more and more people are choosing to rent these days and instead make investments elsewhere. If buying a property is the route you’d like to take, though, it’s never too late to save for that all-important milestone.

Here’s why buying a little later in life might actually benefit you:

You Can Save More

Why the huge rush to get on the property ladder sooner? While, of course, renting is seen by most as ‘dead money’, it at least offers a little financial security in the sense that, should any unexpected household issues come up, they will be dealt with by your landlord at no cost to you.

Biding your time to save for a first property could stand you in good stead. More time to save might mean you save up more money, during which time, you’ll not only have more in the pot, but you’ll have accumulated more interest and bonuses – depending on which type of account you’re saving in of course.

More Time Spent Securing a Higher-paying Job Could Mean a Bigger or Better House

“I’m a first-time buyer at the age of 48”, says Kat, in this article on The Times site. She goes on to say that ‘age is just a number’ when it comes to getting on the property ladder. So, whether you’re in your 30s or older, it’s not too late to start saving and/or making plans to set out on the road to home ownership.

Having moved to the UK from Australia, Kat focused her efforts on weighing up the different asset options available to her. More time to save meant she also had more time to secure a higher-paying job role.

Society tells us we must save money for a house deposit sooner, but why? Kat echoes this in The Times piece, by saying: “We are socialised to want to own a property, but getting on the property ladder is so hard for so many. I’d say to anyone: carefully consider all options.”

Paying off debt that had unfortunately mounted up in her younger years, Kat raised over £90,000 for the deposit she needed to hand over to her mortgage lender, states the piece.

She told The Times: “I don’t believe you necessarily need a plan at the age of 20, but you do need financial literacy and to be disciplined in your money habits. I taught myself with books like Rich Dad Poor Dad and have done frugal living before, so I had no issue with a lot of salary sacrificing.”

You’ll Likely Be Better at Managing Your Funds

As well as greater professional stability (probably), you might also be better – at age 30 and older – at managing your funds. You may be less likely to make impulsive purchases and could take budgeting more seriously.

This works in your favour when you’re ready to buy a home, as you may find it easier to make your monthly payments than you would during your younger, perhaps more ‘financially reckless’ years.

That said, a lot of people are well-versed at managing their money – even from a young age; when to buy a property tends to come down to personal circumstance, but it’s likely that you’ll be in a more stable position the older you are.

While your 20s (or even late teens) may be the best time to buy for some, it’s little wonder that – with more wisdom and experience under your belt, and a cost-of-living crisis to think about currently – that many are waiting that little bit longer to take the step.

Want to know more about the different financial products available here at Unity Mutual – including our Lifetime ISA*, which helps you prepare for your future by giving you the opportunity to benefit from a government-funded top-up on your savings.

Take a look at our range of accounts here – and feel free to contact our friendly team if you have a question or two or want to learn more about the terms and conditions.

Until next time…


*Terms and Conditions apply to all our products

If you need financial advice, it’s a good idea to talk to an Independent Financial Advisor (IFA) for unbiased advice on which financial products are best for you. Unity Mutual cannot give you financial advice, we can only provide factual information.

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