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When it comes to the good things in life, it always seems like there’s a catch. Like living rent-free in your parents’ basement. Sure, you save a lot of money and you get free rein over the refrigerator, but there are enough setbacks to this setup to make most want to get into a place of their own.
Many young people are in such a situation. It might not be their parents’ basement — it might be a friend’s couch or the apartment they’re sick of renting month after month and having nothing to show for it.
So how do you get to owning your own house and building equity?
It’s easier than you might think.
Start saving now. Money can be an issue, especially when you’re just getting started. By cutting out some of the small luxuries in your life, you might be surprised at how much money you can save for that down payment. For instance, making coffee at home rather than buying a cup on the way to work could save hundreds, even a thousand dollars a year. There are countless other examples, but the point is you don’t need to make drastic changes to save a lot of money.
Learn about different mortgages. There are more ways to become a homeowner than by making a 20 percent down payment. Various programs exist that allow you to pay as little as 3 percent down on a home.
Look for a starter home. A renovated Cape Cod in the ritzy part of town might be your dream home, but it might not be a realistic option for your first home. Instead look for a home that might need a little work in an up-and-coming area and that is, most importantly, in your price range. The idea here is the classic investor’s strategy to buy low and sell high. As you build equity, make improvements and the home appreciates, you’ll be in a good position to sell, and with the money you make off that sale, you’ll be closer to moving into that dream home.
It’s understandable to be intimidated by the home-buying process. You’re not supposed to be an expert — that’s what we’re here for! No matter where you are in the process, a Coldwell Banker Hedges Realtor® can give you the guidance and insight you need. With years of experience, they know houses and will gladly answer any questions you have.