There are plenty of perks to owning your own home versus renting, especially as rental prices continue to creep up, often times costing the same if not more than a mortgage payment. So it makes sense why more and more adults in their twenties are starting to take a serious look at home ownership. Here are some tips on how to get started on becoming a first time home buyer in your twenties:
- Find out what you can afford
This is the first step before you start doing any major house hunting. Sit down with a mortgage lender to get pre-qualified. In this meeting you’ll go over your credit history, income and and any debts you may have to add up to one final equation of what the banks will be able to lend you. It’s important to note that although you may be approved for a home at say, $300,000.00 - that doesn’t mean you should be buying a house at that price. Make a budget and determine how much you can afford to pay monthly for the mortgage payment, condo fees and property taxes on top of your day-to-day living expenses.
- Find a Realtor
This is where it gets exciting. Once you’ve interviewed Realtors and found someone you can trust, connect with and can see yourself partnering with throughout the home buying process, you are ready to start the journey, however short or long you choose to make it. A reliable Realtor will keep on top of new listings as they come up, make themselves available for a viewing as soon as the opportunity presents itself, and go to bat for you when it comes to negotiations and signing the papers. Be sure to communicate what you are looking for in a house (neighborhood, preferred characteristics and any must-have’s) so they can send you listings that hit the mark.
- Be realistic about your expectations
Buying your first home is exciting! You’ve been waiting for this moment for a lonnggg time - like any young adult who’s been cooped up with their parents or feeling sick about how much money they’re throwing away by renting. It’s easy to get carried away and have high expectations of the home you want. This is where you need to reel it in. It is after all, your first home. Building equity takes time, and patience. Buy a house you can comfortably afford now and be willing to sacrifice some of those “like-to-haves” in favor of paying down a mortgage that suits your (current) lifestyle.
- Let your Realtor do the heavy lifting
Being a first time home buyer can be daunting. I mean, you’re putting a lot of money on the line - it’s not a decision to be taken lightly. Realtors are experts at navigating their field and will always work to get you, the client, what you deserve. Be open to their recommendations and watch them work their magic when it comes to negotiations. I assure you, if you’ve done your due diligence, you should be in quite competent hands.
Good luck on this new adventure of home ownership. Feel free to connect with me if you have any questions about the above, or home ownership and the Real Estate market in general. My team and I have been at this for over 11 years and are happy to help guid you through this new and exciting time in your life.
Call us today 403.701.7139