What you need in a home will change as your life changes. After all, you haven’t seen a dorm room in a while and as you tire of renting, the thought of all of the new homes for sale in San Antonio may get exciting!
Here is some advice on how to buy a home in your 20′s and 30′s.
Evaluate your priorities
Think about how much space you’d like, and consider school district, quality of life, and access to major routes of transportation and amenities. Dream a little about the future and then pull back a bit and think about where you are now. You will be surprised at how much you learn about what you want in life.
Make a broad plan
Pay yourself first, then pay your bills, then you can have what’s left over for fun. That means SAVE a little first for your new home. If you have nothing left over for fun, then cut your bills or find a way to earn more money. Having at least a nice savings cushion on hand means that you can get into that new home and into the next phase of your life.
Conquer the mortgage question early, and choose wisely
It’s important to complete a pre-approval early to determine what types of loans are available to you. It often makes sense to evaluate a few loan options, while considering the length of time you are likely to own the home. Fixed rates are the most popular, but if you plan to keep the home for less than 10 years, it may make sense to consider an adjustable-rate mortgage. The point is to make sure you have carefully reviewed all of the financial options available to you.
Check your credit report
One of the most important things you should do months ahead of buying a home is to check your credit reports. There are multiple services that can assist you through this process and many of them are free. It would be disheartening to find out right when you’re trying to buy your dream home that someone else’s collection accounts and bad debts are littered all over your credit report. Get everything in order before you start the home buying process.
Make sure you have a financial cushion for unexpected costs
In the beginning, saving for your down payment may be a strain. But you’ll also have the additional costs of homeownership: furnishing your home, buying lawn equipment, maintenance, and more. It’s important to understand these potential costs and plan for them.