How to Buy a Home in Your Twenties
Helpful tip for buying your first home in Ottawa from Ottawa Real Estate Agent Joanne Martin.
Ottawa real estate agent recommend starting early these days as it it possible to own younger than you think! It may look impossible since most individuals at this time normally are either on their first or second jobs or have just graduated from university and are thinking what next. At this time one may not be in a position to even think about buying a house as they are still trying to fit and make sense of the new responsibilities that come with the age bracket. However, research has shown that it is actually very much possible for one to own a home in their twenties. Most individuals tend to wait until they are married, stable in their jobs or have a better idea where they would like to live.
It reaches a point where one gets offended by having landlords who are not respectful, not being able to change the house colour or Hammer a single nail into ‘one’s wall’ since the contract does not allow it and at times once the contract has expired one is forced to actually vacate. Hence, being in such a situation may become very much difficult and annoying over time.
Listed below are some ways in which one can easily save up money that may help them buy a house in their twenties.
- Know Where You Want To Live
When it comes to picking a place to live permanently Ottawa real estate agents recommends being very firm on the place that they choose to live. This is because the place that one lives tends to influence their motivation to actually save up and commit to it. In addition, one needs to now know how much they can afford to learn and live within their means debt free.
- Shore Up Your Credit
By this it means that one need to register for a credit card in the vent that they don’t have one. Once they’ve been able to open the credit card, they can then try to pay off the amount due on time every month as well as maintain a balance of 30% or below one’s credit limit so that they may boost their credit score. This in return helps one be able to get a mortgage approved.
- Aggressively Save For 6-12 Months
If one is deciding to own a home then they must save and not only save on money but also cut back on few expenses for a certain period. This is because one after applying for the mortgage may end up needing to pay for the down payment which is key. This is one of the most important steps one could take in the process of owning a home.
- Don’t Buy a House One Cannot Afford
At this age bracket one normally has a low salary and a couple of student loans to pay back hence, the need for them to actually live within their means. One needs to think of the mortgage, fees, insurance, taxes as well as the maintenance of a low budget while assessing one’s expenses. In addition one need not use up all the money given as they may as well look for something cheaper yet affordable and end up saving money in the process. Owning a house is a smart idea but it may be expensive if an individual is not well-prepared.
If you are ready to purchase your first home contact Ottawa real estate agent Joanne Martin from House Curious Ottawa to find the perfect home for you!