Some may say that one of the biggest accomplishments is to buy a home. They dream of the day the real estate agent hand over keys to their new home. Some may never get to experience that, some may experience that later on in life. The team at Quincy Vrecko and Associates have some great tips on how to buy a home in your twenties.
Start with your Credit
One of the hurdles that people in their twenties reach is having little to no credit. So, begin working towards improving or building up credit. Best way to avoid this is to apply for a credit card with a low balance and just continue to pay it off every month. Start using your credit card rather than your bank account for things and establish a credit score rather quickly! Make sure you pay your balances on time to keep up with the credit score you are working towards!
Get pre-approved for a mortgage to buy a home
There is no sense on beginning to look for homes without knowing exactly what you can afford. Once you are pre-approved, you will know what you can afford. We strongly recommend getting pre-approved for a mortgage for a few reasons, check out why should I get pre-approved for a mortgage for more information.
Save for the next year, no excuses!
If you are truly serious about buying your first home in your twenties, it will require a lot of savings. Start now, no excuses! Start by figuring out how much you need to save up in order to make your dream to buy a home come true. Once you know approximately what you should save, divide that by how many months you want to and you have what you should be putting away each month. It is all worth it!
If you are ready to take the next step of buying a home, contact the team at Quincy Vrecko and Associates. Our team of real estate agents have years of experience assisting people with purchasing a Kelowna home. We are ready to help you with this big step! Call 1-778-760-2860 today!