After years in apartments and college dorms, young people may find themselves longing to finally become homeowners. Still, for many, the idea of buying a house in your 20’s sounds like a completely impossible dream. Luckily, that isn’t necessarily the case. With these tips, you can add the key to your first home to your key chain!
- Make a move—to a cheaper area. In states and cities where homes cost less, your money will stretch farther. Plus, your deposit will cost less too. Since you’re considering moving anyways, why not pick a more affordable place?
- Buy with other people. If you have trusted friends or a partner looking for a home, you may not each have enough individually for buying a house in your 20’s; however, after pooling all your money together, why not buy a home with others? You can all live comfortably together. Plus, having more people to put together a down payment and to continually pay the mortgage, you’ll pay off the place much sooner.
- Rent out a room or two. Prefer to own your home yourself, but still need a bit of help on mortgage payments? Why not rent out a room or two? You’ll probably just be using the master bedroom, so getting that extra income from rooms that may have otherwise gone unused will help you pay off your home even quicker.
- Keep a financial cushion. No matter where you live, at one point or another in your life, you will encounter unforeseen expenses. Make sure that you have money stocked away for possible home issues. Otherwise, you may not be able to keep up on your mortgage purposes.
- Work on your credit score. Not only should you take a look at your credit report, but you should be actively improving your score. How? By buying with your credit card—and paying off your purchases on time. Without a good credit score, lenders will be less likely to help you out, as it can look like you don’t follow the habit of paying off borrowed money on time.
- Buy modestly. You may want a large, multiple-story dream house. However, it’s wiser to go with something more modest—something that you can reasonably pay off. As you get into a more stable financial position, you can work towards your ideal house over time.
Buying a house in your 20’s isn’t as intimidating as it may seem, especially if you make sure that you have people on your team. Improving your finances, setting your sights on sensible properties, and working together will all contribute to your first home. Where will you live?
To find a beautiful home in the Auburn, Opelika, or Lake Martin area, contact Ryan Roberts. You can email him at [email protected] or call him at 334-750-9872. Plus, to learn more about finding a house of your own, continue to read our real estate blog.