Homeownership is one thing that you don’t have to put off!
Your 20s are the start of an exciting time in your life. You may hit important milestones during this time like graduation, your first job, and marriage so why not add owning your first home to that list! These steps can help get you in the right mindset to prepare to purchase a home at a young age.
- Budget– Plan out all of your expenses (yes, ALL of them). It is important to have an organized method where you can see exactly what your expenses will be and how much you can afford. This way you don’t fall in love with a house that is out of your price range.
- Be realistic– Time to think about what it is you MUST HAVE in a home and what you can live without. As nice as an in-ground pool…
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What do YOU think??
Some first-time home buyers are on a tight budget when making their real estate purchase, and there may be an inclination by many to purchase a smaller property, such as a condo, rather than the home they truly want. While there may be some initial financial benefit associated with buying a smaller property, there are a few benefits associated with splurging and buying a larger home as a first purchase. By analyzing these benefits, first-time home buyers can make a more informed decision about how to proceed.
Costs Associated With Upgrading In The Future
Some people will purchase a smaller property initially with the goal of later upgrading to a larger property. This can provide the home buyer with the initial benefits of building equity, taking advantage of tax benefits associated with real estate ownership and more. However, there are costs associated with selling property, including closing costs, real estate…
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