Hi All,
I am 24 yrs old and have brought a new home recently and is now full of debts. My friends and neighbours are very discouraging and now I have started rethinking on what I have done. Any sort of positive feedback would be really helpful. Thanks!
Welcome June.
A home purchase is a complicated thing. If you can provide some more details perhaps we could offer you some more tailored advice. Useful details include the purchase price, mortgage interest rate, what similar units are renting for in the area, size of the home (can it be useful as a rental later, can you take in a renter now?) location (especially with regards to commuting distance and availability to public transit) etc.
Also, do you enjoy the 'challenges' of home ownership? Can you DIY simple repairs or will you contract everything out? Do you plan on putting in any 'sweat-equity' to renovate your existing home? Does it need remodeling, or is everything new (and therefor likely to just depreciate in value)?
Sometimes purchasing a home can be a very good decision. Sometimes it can be a very poor one.