How to Buy a House in Your Twenties

There are plenty of perks to owning your own home versus renting, especially as rental prices continue to creep up, oftentimes 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 homeownership. 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 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-haves) 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 homeownership. Feel free to connect with me if you have any questions about the above, or homeownership and the Real Estate market in general. My team and I have been at this for over 11 years and are happy to help guide you through this new and exciting time in your life. 


Call us today 403.701.7139

Latest Blog Posts

Downsizing in Calgary’s heated housing market: should you stay, or should you go?

If there’s one thing this last year has confirmed, it’s that every healthy day is a gift. To that end, with restrictions easing and second vaccine doses being administered, it’s not surprising that many Calgary Boomers are picking this moment to downsize. After all, the latest Calgary Real Estate Board ...

Posted by Travis Copp on Jul 03, 2021

The 5 Biggest Mistakes Sellers Make in Sellers’ Market

Depending on your situation, this could absolutely be the right time to sell your property. If you decide to list, here are 5 mistakes you don’t want to make even though it’s a sellers’ market:

Posted by Travis Copp on Jun 03, 2021

How Sellers Can Minimize Covid Risk and Still Come Out Ahead

As Alberta’s active Covid-19 cases set new records, I’m fielding lots of questions from sellers as they consider entering the market.

Posted by Travis Copp on May 05, 2021

5 Ways Buyers Can Protect Themselves in a Sellers’ Market

Multiple offers. Houses selling before they hit the MLS®. House prices jumping up in all categories. Calgary’s market hasn’t seen this kind of action since 2014.

Posted by Travis Copp on Mar 27, 2021

Top 8 Ways to Make Your Open House a Success

These days, with many homebuyers searching for their new homes online, many people wonder about the effectiveness of an open house. While some consider open houses to be an outdated practice, it can actually be a rather effective tactic, if done correctly. Here are 8 ways to make sure your open house ...

Posted by Travis Copp on Oct 20, 2017

Top 8 Tips for Homebuyers

Buying a house is one of the single biggest financial decisions you will ever make. While it’s nice to daydream about your perfect home and scour the internet for available houses in your desired area, there’s a lot that goes into the process. Here are 8 tips for homebuyers to help you navigate the process. ...

Posted by Travis Copp on Jun 07, 2017
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.