House ownership is one of those milestones that you are proud to achieve. The big problem is that owning a house is a major purchase, but it is completely possible to buy a home in your 30s and here is how to do it.
A home of your own is a big purchase. For people in their 30s, the price of a home can be difficult to reach. But smart people will be able to do it. Here are some tips on how you can get the money that you need for buying a home on your own.
Be Ready to Borrow
One of the first things that you should consider is borrowing the money for the purchase. It should be easy enough to find a mortgage company in Arizona and other states that will be willing to lend you the money. The key thing here is to get the loan pre-approved. This ensures that you know how much money you have.
When you are looking around for a good mortgage, you need to think about how long you plan to stay in the home. Some mortgages can last for a long time so you need to pick a mortgage that you will get the full use out of. If you plan to stay in a home for less than ten years, then there are some mortgages that are not worth it.
Start Early
Even if you are borrowing money, you will also want to save money, too. This is because if you put down a large down payment for your mortgage, then you will have a lower amount to pay in terms of monthly payments. You might even shorten the amount of time you have to pay!
Even if you are 25, there is still enough time to start saving. It is surprising how much you can save over a period of ten years, as long as you put your mind to it. You can start by cutting down many of the luxuries that you don’t need. You should also aim to put your large windfalls into your savings. The goal is to consistently spend less than your income and all of the unspent money going into savings for your home.
Plus, you should put that money to work. There are many investment options that are low-risk with high return. Their main drawback is that they take time — which is something you don’t need to worry about if you plan to buy a home.
Look for Affordable Housing
One mistake that many homebuyers make is that aim for their dream home immediately. Have realistic goals about what sort of home you can get. You will not be getting a big mansion on your first purchase unless you win a lottery. You should aim to get a home that is right for you and also affordable. Plus, an affordable home means that you can sell it off later. Remember that property only increases in value in the market. In a few years’ time, you can sell your current home and move into a better house.
Owning a home is a major achievement. Proudly being able to say that you own a home in your 30s is a big achievement. The tips above should be able to help you with that. But being able to that is going to take hard work.