Younger home buyers

Younger home buyers

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Younger Home Buyers

Many young people are putting off the home buying experience for a while as they establish themselves in their careers and relationships.  Sooner or later most people decide they want a home of their own when the time is right for them.

Younger home buyers are to be forgiven if they feel a little overwhelmed about the process.  It is exciting to buy your first home for sure.  In the midst of all that excitement I won’t act as a spoiler.  I aim to be the voice of reason recommending that for this big financial decision there should be a sober hardheaded thought process.  Certainly there is no more important subject to be considered than the anticipated expenses.

Expenses of Buying

You have saved up enough for your down payment.  You have worked at getting and keeping a high credit score so you can be sure of getting accepted for the best mortgage rates.  You are not so naive that you don’t realize you need several thousand dollars for closing costs.  If you have been renting you may not be aware of the miscellaneous costs you will now be responsible for if you go ahead with your decision to buy a home.

Other Important Home buying considerations

Because it may take up to 5 years to recoup buying and closing costs in today’s market, younger buyers should anticipate staying in a house at least that long. The most important thing they can do immediately is get their credit in order. Younger home buyers should reconsider the idea of a starter home and think ahead to a baby room even if there is no baby yet.  Look for a good school district.  You will want to buy a home as close as possible to your place of employment.  Every minute saved from commuting is a minute you own for anything you want. Trust me on this one.  Every mile you do not have to go to and from work is money and time saved for your family and the other enjoyments that life has to offer.  Forget trying to time the market.  No one has a crystal ball on that one.  Much more important is knowing that the timing is right for you and your life.

Those Other Expenses

If you’ve been renting there are going to be some expenses you haven’t given much thought to up to now.  If you’re a natural born do it your selfer that’s great.  You will certainly save some money that way.  If you are all thumbs or simply don’t have the time or inclination to learn how to be a handy person consider that as a new home owner you are facing the following expensive considerations:

Alarm, Central Air, Furnace, Hot water heater, Trash, Pests, Chimney, Driveway, Lawn & Landscape, Snow Removal, Sprinkler, Tree Service, Roof, Windows,Gutters, Painting.

These expenses have been estimated by reliable research to total as much as $900.00 per month when averaged out!  I’m not trying to scare you but experience shows that many younger home buyers ignore consideration of these matters.  If you have never had to deal with maintenance expenses it’s understandable that you will underestimate them.  This cautionary essay is not intended to dampen the enjoyment of buying that first home to younger home buyers.  A hard headed approach will help younger home buyers enjoy the experience more.

now that I’ve pointed out the financial realities and you’ve accepted them enjoy the experience!

 

 

 

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After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

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