If you can accomplish the major goal of buying your first home in your twenties or thirties, great for you! Younger buyers have a few considerations that are different from those who are further along. Read on to learn some tips for buyers in their twenties and thirties:
Evaluate Your Future
In your twenties and thirties, you may not have all of the pieces of your life figured out. You may not know if or when you will meet a life partner, or how many kids you'll have. So, you'll have to make a few choices based on what you think is likely to happen. Err on the side of having more bedrooms and choosing a property that is widely appealing; that way you'll have a better chance of keeping the property, no matter what. Even if you move somewhere else, those are traits that will be attractive to buyers. Townhomes could be a nice cross between something a young buyer can afford and something that would be appealing to a family.
Evaluate Your Career
Another thing that may be up in the air is the amount of money you can afford to pay for a mortgage. Your career may be just beginning to take off. It's wise to wait to purchase a home until you have some career stability. However, in these early decades of a career, it's very likely that your income will continue to grow. If you have a solid footing with a company or a skill set that will take you places in business, it's safe to say that you can stretch for a higher mortgage amount, with the advice of a good financial planner.
Don't Forget Other Long-Term Financial Needs
It's tempting to throw everything you have into the goal of buying a home. However, people in their twenties and thirties also have some other financial considerations. For example, starting your retirement accounts in your twenties is a wonderful way to get ahead in your savings. That may not sound like an exciting goal when the payoff is forty years away, but you may be glad that you socked away a good amount from your early career paychecks.
Make it a Project
If you've got the energy to work on a home, don't be afraid to go for a home that's a little more of a project, You're buying early, so maybe it's ok to take your time in making your real estate purchase the home of your dreams. Buying low and improving a property can be a great money-maker to top it all off.
Check out a website like http://gerberapartmentproperties.com for more information and assistance.Share