How many college students do you know who lie awake at night dreaming of owning their first home? Not many, we’d imagine. However, starting to think about home ownership early on in the game can position you to be ready for that first home later on in life. We work with plenty of young first time home buyers who are eager to purchase their first homes. We work hard to educate buyers and make the home buying process simple to understand becuase we know the process runs the smoothest when young buyers begin with some background information and solid financial footing.
According to a recent article by Realtor magazine there are five things that young first time home buyers can do in the short term to prepare themselves (and their credit scores) for home ownership later on:
Five Tips for First Time Home Buyers:
- Establish good credit. Get a credit card, and pay the bill on time each month (bonus points for paying down the entire balance monthly). If you are renting an apartment or have a car loan, be sure that they are in your name and that you are paying for them on time and in full each month.
- Start saving for a down payment. Open a savings account or stock brokerage investment account and start making regular deposits.
- Study up. Read some books about real estate, financial management, and buying a home. As you prepare for future home ownership, you’ll be making this investment with both eyes open and a clear sense of what you’re getting into.
- Research where you’d like to live. People are more mobile than ever before, and chances are good that you’ll someday live in another city or state. Look into housing costs and opportunities in other parts of the country that interest you.
- Ask for advice. Asking questions about real estate to people in the know is a great way to ensure that you will be an informed buyer when the time is right. Family and friends who have experience purchasing a home or who work in the real estate field can be a wealth of information. This is where Alison and I can come in handy. Please contact us any time- we would be happy to answer any questions that you might have!
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