colorado, real-estate, how-to
How to for those looking to buy a home in their 30’s.
Is now the right time for you to buy? Researchers from credit reporting company, Experian report that the average age that most people buy their first home is 34. Some people in their 30’s might be looking for their first home, and some are ready for an upgrade. If you’re looking to make a sound investment with your money, or looking for space for a growing family here are some ideas to keep in mind on your journey.
Questions to Ask Yourself
The Chief Economist at Realtor.com says there are some things to ask yourself to make sure you’re ready to buy. “Are you ready to be in one location, for the next five years or so?”
Look at your near future goals as well as five to 10 year goals.
“Are you ready for the upkeep that’s required on a home?”
If the answer to those questions is yes, it’s probably worth it to buy rather than rent.
What Kind of Home do You Need?
Are you looking to put down roots in a particular neighborhood or city? It’s good to look ahead. Consider school districts, and your needs for comfort and convenience. As life invariably changes, don’t necessarily look at it like your finding your forever home.
Consider Going Bigger
As the 30’s are often a growth stage, you may want to consider homes to accommodate family changes such as marriage and children. A larger home might be a good consideration. Make sure to take a look at your income levels to keep your potential mortgage within budget.
How’s Your Pocketbook?
Keeping that mortgage around a third or less of your income might be a good place to start. If you’re not a cash buyer, you’ll want to get pre-approved through a mortgage lender. Lender consultations can be a great place to understand your finances, credit ratings, and what you can handle.
Make sure you have a savings for your down-payment!
Hat tip to realtor.com and experian for post knowledge.
Image Credit: realtor.com | Getty Images
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