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How to buy a home in your 20s and 30s

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  • By Admin
  • Jun 13, 2018
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Contrary to popular belief, your 20s is the right time to start looking into buying a house of your own. As you transition into adulthood, you responsibilities begin to change, and you start seeing the world in a whole new light.

Free from academic restrains, you begin your professional career. You are not burdened by as many responsibilities as you would be, a few years down the line. And if you start now, you will be prepared to afford a property of your own by the time you reach your thirties.

So how do you go about buying a home at such a young age? Here’s some help -

Do Your Homework

The very first step towards buying a house at an early age involves undertaking good research. Before you advance into the direction of making that hefty investment, you need to know what you are setting your foot into. Research online; learn more about the markets and the kind of properties available, search for viable properties in growth areas.

You can go through sales data for certain properties over a period of time to know as to what is within range and what isn’t. 

Save All That You Can

To be able to afford a house in your 20s or 30s, you have got to start saving all the money that you possibly can. When young, you will want to spend money on material expenses, in partying and club-hopping with your friends, and so on.

Saving money, especially when you are young,isthus a challenge that is bigger than it may seem. The key is to put a cap on what you spend (need) and what you splurge (want), so that you can identify how much you can save.

Check Your Credit Score

Your credit score is a very big part of your overall financial status. Checking your credit score gives you an idea as to where you stand financially. It also lets you into the amount of loan you can expect to avail when you apply with a bank, for financial aid to buy a house.

This is an important step in your entire house-buying plan.

Invest While You Are Still Young

Another good way to build up the corpus to purchase a property of your own is to invest at an early stage in your life.

Investments such as in mutual fund SIPs that let you invest money on regular basis for a long-term can help you arrange payment for down payments towards the home loan. Depending on the type of fund and tenure you opt for, you can expect higher returns on your investment as compared to the more traditional investments like fixed or recurring deposits.

The right investments will help your savings grow; bringing you closer to your dream home.

Seek Expert Advice

If you cannot make head and tails of how to go about purchasing a property at a young age, you can always seek help from people who specialize in this business. You can begin with getting in touch with a financial advisor to plan out your savings and repayment goals depending on your income.

Owning a house at an early age is a smart move; what it needs is a realistic and achievable approach in terms of saving the money for it.into the direction of making that hefty investment, you need to know what you are setting your foot into. Research online; learn more about the markets and the kind of properties available, search for viable properties in growth areas. You can go through sales data for certain properties over a period of time to know as to what is within range and what isn’t. Save all that you can To be able to afford a house in your 20s or 30s, you have got to start saving all the money that you possibly can. When young, you will want to spend money on material expenses, in partying and club-hopping with your friends, and so on. Saving money, especially when you are young, is thus a challenge that is bigger than it may seem. 

The key is to put a cap on what you spend (need) and what you splurge (want), so that you can identify how much you can save. Check your credit score Your credit score is a very big part of your overall financial status. Checking your credit score gives you an idea as to where you stand financially. It also lets you into the amount of loan you can expect to avail when you apply with a bank, for financial aid to buy a house. This is an important step in your entire house-buying plan. Invest while you are still young Another good way to build up the corpus to purchase a property of your own is to invest at an early stage in your life. Investments such as in mutual fund SIPs that let you invest money on regular basis for a long-term can help you arrange payment for down payments towards the home loan. Depending on the type of fund and tenure you opt for, you can expect higher returns on your investment as compared to the more traditional investments like fixed or recurring deposits. 

The right investments will help your savings grow; bringing you closer to your dream home. Seek expert advice If you cannot make head and tails of how to go about purchasing a property at a young age, you can always seek help from people who specialize in this business. You can begin with getting in touch with a financial advisor to plan out your savings and repayment goals depending on your income. Owning a house at an early age is a smart move; what it needs is a realistic and achievable approach in terms of saving the money for it.

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