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Guest Post: Tips for buying a house in your 20s

Posted by Mani Bagga on Friday, March 18th, 2022 at 9:26am.

Image Credit: Pexels

 

Making your dream come true doesn’t need to wait until you’re in your thirties or forties. Even though it’s common for people to wait a while until they have enough security in their career or family, this doesn’t need to be the case for you. Like with anything else in life, there's no right or wrong age to buy a home of your own; you can buy a home as early as in your 20s and clear that task out of your way. You just need to know-how. This guide will help you decide if this is the right time to purchase a home – let's see what you need to know about buying a house in your 20s. 

 


 

 

Reasons to go for it: 

Even though some think it's early, there are quite a few benefits of owning a home in your 20's. Instead of overthinking it and considering only the risks of such a purchase, make sure you also think about the benefits of putting your name on a property. Here are some of them:

  • You’ll have the foundation – your home will be the place where you can always come back and feel secure and happy. It will be the perfect basis for everything else in life – building a career, starting a family, etc.

  • The end of your debt will come sooner – starting to pay off your mortgage earlier means you’ll pay it off sooner than expected. This leaves room for some other projects later in life;

  • You’ll waste no money on rents – if you move in into your own home, you’ll start building your own wealth and not waste money on rents. You'll build equity that can come in handy later;

  • The house can look just the way you want – it’s not easy to make a rented house feel like home and fit it to your taste. However, after buying a house, you can do all the remodelling you want and create the home of your dreams.

Owning a house comes with a lot of benefits. These can easily persuade you to go for it and make the purchase. However, we advise you to take a moment and find out what buying a house means. Here are some things to know to prepare for this massive step. 

 

Image Credit: Pexels

 

Buying a house in your 20s can bring you a lot of stability and satisfaction – something people look for until later in life. Alt.tag: a couple holding house keys

Sort out your finances first:

It is essential to set the budget before you start house hunting. This will save you a lot of time in the process and spare you the disappointment of finding a fantastic house that you can't afford. Try to get pre-approved for a mortgage as soon as possible, as this will help you understand your budget limits. Also, you'll get more information on your credit score and see if you need to make some tweaks. 

Also, prepare for the buying process. Start saving immediately, as buying a house starts with some upfront costs. These include down payment and closing costs, which can be about 5 percent of the price. If necessary, consult a professional to help you out. 

Finally, don't forget that owning a house comes with regular maintenance costs, sudden repairs, and seasonal improvements. Make sure you evaluate your earnings before you take the leap so that you can be ready for the financial upkeep of your home.

   

Image Credit: Pexels

Owning a home comes with maintenance, expected and unexpected expenses, and a lot of responsibility. Alt.tag: tools for painting a house

Don’t give up even if you have no credit:

Even though it’s challenging to buy a house without credit, it’s not impossible. Some lenders are willing to check some of the other payments you had earlier. So, this means you shouldn’t be worried if you have no credit – it’s a much better scenario than having bad credit. 

Go house-hunting wisely:

Start the house-hunting process with a clear idea of what kind of home you need. Get help from an experienced agent to give you more information on the types of homes currently on the market. Then, try to decide on some preferred characteristics such as size, style, nearby amenities, etc. Have some priorities set, so it's easier for you and your agent to narrow the options and find the most suitable property quickly. 

Remember: No house is perfect. There will be some incredible homes that will need some changes, so don’t give up on them because of that. Make sure you’ve got your top priorities and stick to them, but also be a bit flexible when making the decision. Before moving into your new home, a bit of remodelling shouldn't scare you, especially since you can renovate your home on budget. You can easily find the cheapest way to spruce it up and make a great home even better in no time.

Have a flexible calendar:

If you are not in a hurry, you can save a lot when buying a home. Home prices tend to drop in the off-season. Explore your local market a bit before you pick a property and decide to put an offer. Also, moving off-season can bring you lower moving rates. In general, not so many people move during winter, so moving companies tend to drop their prices. 

Don’t skip on the house inspection:

The process of buying a home is when you need to be extra careful with all the details. This includes the house inspection. It's essential to have your potential new home checked by a professional before closing. This can reveal potential problems with the house and predict how much money you’ll spend on repairs later on. Also, a house inspection can be an excellent opportunity for negotiating a lower price with the owner. 

 

Image Credit: Pexels

 

Do all the security checks before buying a house in your 20s, so you don’t regret it later. Alt.tag: house keys you get after buying a house in your 20s

So, should you go for it?

We feel that if you've done everything right, there's no reason why you shouldn't be thinking about buying a house in your 20s. It is quite a realistic idea with all the conditions fulfilled, so you should definitely consider it. 

 


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Guest Author:

Beatrice White

Assistant Editor Marketing | Moving Offices San Diego

1 (619) 406-8157 | betty@movingofficessandiego.com  www.movingofficessandiego.com San Diego, CA

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