I'm pretty sure my friends and I aren't the only ones that wonder
"how come we didn't learn this in school", when it comes to filing taxes, choosing insurance or purchasing a home.
Well over the past 18 months, I've been renting a
"luxury style apartment" which is really code for
"this apartment is really expensive for no reason and cheaply made".
I've always been interested in purchasing a home but
1. Didn't know where to begin 2. Didn't know if I could afford it. Well the reality of it is....I'm paying for this "luxury style apartment" so I most definitely can afford it. Renting an apartment or renting a house is great and all but it's a temporary fix and also shouldn't leave you broke.
Home Ownerships Vs Renting/Leasing
At the end of your lease agreement, what have you gained from renting an apartment? Renting an apartment is a great start at 20something, but what's next? Are you able to save while paying rent + utilities?
Owning a home, well that pretty much sums up my point right there. "OWNING a home".
Being a home owner has so many perks such as OWNING a property, freedom to renovate, and also a REAL place to call home =)
I've lived in only 2 apartments in my lifetime as a 20something but I can say the most rewarding moment is to be able to say I'm officially a HOMEOWNER.
Now I can decorate and go crazy with paint and not have to worry about damaging someone else's property.
Here's 5 Tips to Purchasing a Home at 20something:
1. Savings
Make sure you have a Savings account with more than $500 of course lol!
I started a savings in college, I didn't know what I was saving for but in the long run it helped with
all the expected and unexpected fees during the house process.
2. Credit Check
Do you know your credit score? If not, you can easily find out
online. But it's
important to at least have an idea of what you credit score may be.
3. Be Realistic
When looking at homes you should have a range and a budget, house price ranges and
a budget for a mortgage. Everyone wants those big, "luxury" homes but those houses come with a pricey tag. So be realistic and also give yourself "wiggle room" for the unexpected.
4. Income
Can you afford a brand new home/older home and is your income stable? Having a stable job is TOP PRIORITY when purchasing a home, without an income how can you pay off a mortgage?
5. Realtors/Mortgage Company
Make sure that you have a team of realtors/loan officer you can
TRUST and
your wants/needs are
GUARANTEED. If you're new to the process of purchasing a home like I am/was you'll need someone to help guide and explain what certain documents are or what programs you may
RESEARCH!
There's different programs out there for first-time home-buyers and the end result is really rewarding.
Shoutout to my boyfriend, sister, and brotherinlaw for being AWESOME =)
If you are in the Louisiana area and looking for a home mortgage contact acmclafayette.com
