Yo millennials! So you're thinking about jumping into the wild world of homeownership? Before you make any moves, there are a few things you need to consider to avoid ending up in a financial pit.
First up, let's talk about your moolah. Yeah, we know it's not the most exciting topic, but it's crucial. Homeownership is a major investment, so you gotta make sure you have the funds to back it up. Check your income, savings, and any outstanding debts or expenses you've got. And don't forget to peep your credit score, cuz it can make or break your ability to snag a mortgage or get a competitive interest rate.
Now let's talk about your vibe. Do you have a big crew or love to host parties? Then a crib with extra bedrooms and living spaces might be what you need. Or maybe you're more of a minimalist? In that case, a smaller pad could be your jam. But it's not just about the size, homies. Think about your daily routine, your job, your commute, and how your crib can fit into your lifestyle.
What about your future plans? You plan on staying in the same spot for a minute, like say, at least two years or more (capital gains taxes can be wicked!) If you're not sure, it might be wise to buy something you can rent out if you decide to roam.
Think about your long-term goals. Starting a family? Look for a spot with a bigger yard or in a top-notch school district.
And don't forget to do your research on the real estate game in your area. Check out the prices, trends, and interest rates. It can have a huge impact on your monthly mortgage payment, so don't ignore it pssst can you say "Realtor®?"
Last but not least, let's talk about the costs of homeownership. It's not just about the initial cost, my peeps. You gotta think about the ongoing expenses, like mortgage payments, property taxes, maintenance, and repairs cuz aint no landlord comin' to fix that sh#t when it breaks.
Hey, I'm not trying to scare you away from homeownership. It could be a sick investment for your future fo sho. But you gotta be smart about it. Consider all the factors before making a decision. And remember that there are different types of properties out there. Maybe a condo or townhouse could be a more affordable option. Or you could even team up with a friend or family member to lock it down. Just make sure you have a clear agreement in place to avoid any drama.
These are all jumping off points to consider. Talk to family and friends who have done well with their real estate purchases and definitely sync up with a kick arse Realtor® wink wink nudge nudge say no more.
About the author- Kelly Corsino is an entrepreneur who has launched several successful companies and is a full time Realtor® living her best life by helping others live theirs! She and her dog GG The Wonderdog reside in Long Beach CA.
