The housing market can be a scary place, but it can be downright terrifying when you are in your 20s and fresh out of college. If you are in a secure job, have been able to stash away some savings, and wonder if buying a home is a good investment for you at this time in your life, here are some things to consider.
Will You be Happy Long Term?
Here’s the thing. Many people graduate college, land their first adult job, and think they are set for the future. What many 20-somethings do not consider is the possibility of major life changes. What if a better opportunity presents itself a few states away? Will you be able to pick up and move quickly to jump at the chance? Maybe your career takes a turn, and you go in a different direction. Life happens when we aren’t even looking for it. Before you purchase a home, do some research about the resale value if you need to move in a hurry. If your current location is not very buyer friendly, you may be stuck for longer than you would like.
Can You Really Afford It?
Even if you have a sizeable down payment, a home mortgage can take a considerable chunk of your paycheck, especially if you buy a home at the top of your budget. Make sure you consider all the costs of owning a home, including insurance, maintenance and repairs, and things that may get lost in the shuffle, like lawn care. A new home can be great, but if it causes your finances to struggle, it may become a burden you can’t afford.
If you have considered all the options and still think it is the right time to buy your first home, don’t do it alone. Voila makes the home buying process easy by giving you the support you need when you need it. On top of this, our unique “V-fund” rebate program helps home buyers keep more of their hard-earned cash in their pocket. To learn more about our buyer rebate program and the ways in which Voila takes the hassle out of home buying, visit us here.
If you are ready to enter the housing market, call us to schedule an appointment. We can help take the fear out of the process and get you in your new home fast.