Wondering How To Buy A Home In Your Twenties?
28th Feb, 2018
Lately, we’ve been noticing that a large number of the people decide to buy a home are in the age of 20-somethings. And this is not surprising anymore!
As a first timer, to buy a home in your 20’s might seem like a giant leap, but we’ve got to give it to the millennial generation; they’re an educated, tech-savvy bunch, that strongly know what they want. In fact, according to National Association of Realtors (NAR) survey, the millennials made up the largest group of recent homebuyers, striking a 32 percent share in the home-buyers section!
However, this big decision cannot be taken lightly, doing it right is the best thing you can do to yourself. Although, the process can be daunting for anyone, regardless of how old they are or how their personal financial situation is, it might be a little more complex for the first-timers.
Try these time-tested tips on how to buy a home in your twenties:
Decide where you would want to live
Your lifestyle, workplace proximity, family, and other important commutes influence this decision and so does the cost.
Know that, you should be ready to commit
This is one of the most important pieces of home-buying advice. Why? Because buying a home means you are ready to get your hands dirty – both figuratively and literally – to maintain your home in every sense.
If you are ready for the commitment, read on!
Understand your finances
When it comes to buying a home, a lender will consider every aspect of your financial picture. We literally mean every bit, right from your current salary status to your spending habits, your bills, and other expenses.
Buying a house is going to pile up several costs which you will need to deal with upfront. For example, a Mortgage. Getting a mortgage means you must make a down payment, which can range from 3.5-20 percent of the house cost.
Remember, home-ownership fees don’t end with the monthly mortgage payment. You will be responsible for further expenses like property taxes, insurance, other maintenance costs.
Work with a trusted real estate agent
DIY is something that we will never advice when it comes to this. Working with a trusted agent is the most important part of the home-buying puzzle. Verify the source and other details of the agent you wish to work with. Professional real estate agents know how-to guide first-time home buyers. They will walk you through every process, right from the beginning to the point when those home keys land in your hands.
Finally, home ownership at an early age is smart, but it can be expensive if you don’t prepare early.
So, if you’re a twenty-something who’s decided that now is the right time for you to buy a home, get in touch with the best real estate agent in Goa.