Reshaping Experiences

Pick your best read on internet today

girl at window

Home is where your heart is! And your heart deserves a space that is entirely yours – your OWN home. 

Young age might look like only for having fun with friend circles, college, entry-level salaries, and no household responsibilities. But that’s not the case anymore. Homeownership among young people is rising. As millennials continue being the largest share of home buyers, ‘how are they able to afford a house’ becomes a concern. In recent times, Gen Z entering adulthood has joined this group, and there are a few things you should know. 

They’re smart enough to make saving for a down payment

Some cash in hand for a down payment is the first move one could make in the process of owning a house. Experts usually recommend 20% of the home price as down payment money! However, if one is not able to manage that, there’s an option to apply for down payment assistance. Programs like down downpayment assistance have made it easier to navigate the process. You should equally be aware of the factors that qualify you for the program. 

Hiring a financial expert/advisor

Having an expert you trust is a way to put off your burden of research and planning. Your financial advisor can help you with the knowledge you need in the process, esp, when you’re young. While the internet has a billion pieces of information around property tax, monthly mortgage, homeowners insurance, dos, and don’ts while buying a house, having a human being sitting right in front of you to discuss your queries and concerns works better. 

Managing your college debt

It becomes a little difficult to afford a house when one already has too much student loan. However, homeownership programs for students are a great way to figure out what works best for you. A mortgage lender can tell you if you qualify for a homeownership program. 

Going for a starter home

Starting your homeownership journey by buying a starter home is a brilliant move! There are some significant financial benefits, including ‘affordable mortgage payment’ if you go for a starter home esp. if you’re in your 20s. Your real estate agent can help you with the required information to make the decision that works best for you. 

Raise your credit score

People with shorter credit histories might have to wait for some time until they raise their credit scores. But having your parents co-sign the loan for you could be an excellent option for becoming a house owner. 

Better to be on a safer side

If you plan to purchase a used house, you’ll have to prepare yourself to deal with emergency repair costs. Many unexpected expenses might come your way. Experts recommend home buyers should have extra funds for extensive repairs. 

Now, as a young adult, you know what it takes to own a house. While you prepare yourself to make a big decision of your life, real estate for sale in Whistler can help you find the best options. You’re definitely going to make it soon; all the best! 

Leave a Reply

Your email address will not be published. Required fields are marked *