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Young Real Estate Owner: Pointers for Buying a Home in Your 20s

As millennials navigate through the years and their careers, they start to have goals and list of possible achievements to achieve. And owning a home is certainly one of them. However, many millennials think that owning a home can be far-fetched—that it is next to impossible. And there are some reasons to believe; one of them is the rising prices of real estate. This, however, should not stop them from getting their dream home. Buying a real estate property in your 20s is always possible. One just needs to have the right strategy and priority. They will need to exert extra effort, especially when it comes to their careers.

You may be one of the millennials who want to own a home. But you may be having doubts. Do not doubt your capabilities. Remember, you need to have the right plan—a map that will direct you to this milestone. If you are looking for some ways you can make the home purchase much easier, here are some of the pointers that you may need to keep in mind:

Pick the right location; it makes a difference

The first thing you need to do is pick the place where you want to live. This has a lot of say on the price of your home; condos and properties close to cities and tend to be expensive. You are paying for the accessibility. However, you have a lot of options outside of the city. You may choose to look at thriving cities and communities down south. For one, there are a lot of houses and lots for sale in the Cavite area. What’s good is that some of them tend to be much more affordable compared to their metropolitan counterparts.

Prep for your down payment

The down payment is probably the very first expense that you will deal with when you buy a home. You are paying for the equity of your property—basically, equity is your size of your ownership over your home. The rest of the price will be shouldered by the bank or a mortgage agency. You may want to pay monthly, so you will still have enough time for paying the rest of the mortgage.

Take extra jobs

You may worry that nothing will be left in your monthly salary when you pay for your home. But that should not be the case; you always have the option to take extra or part-time jobs. Having extra sources of income will help you deal with the mortgage and all the expenses involved in home buying. When you take on extra jobs, be careful and take care of your health.

List down all the possible expenses

The expenses involved in home buying do not end with down payments and mortgage. You will still have to take care of other overheads, such as monthly dues, insurance, and association fees. List them all down, so that you will find it much easier to make financial decisions.  

Many think that owning a home in your 20s can be difficult, provided that the real estate landscape has been changing nonstop. But that does not mean that it is going to be impossible. You will just have to think of your future plans, base your present plans on them, and take action. You will have to be strategic and ingenious. 

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