How to Buy a House When You're Under 30 Years Old
When you're in your 20's, you might not even consider the possibilty of being able to buy a house in Orange County. Whether it's becase people have told you you can't, or you don't feel like you are able to, Balboa Realty is here to let you know that buying a home in your 20's is indeed a possibilty. Our trust Orange County real estate team is here to not only answer any questions about the buying process, but we can help and support you every step of the way.
Want to chat about OC real estate and get some advice? Call Balboa Realty: (855) 211-1489
Start Saving...Now
In order to be eligible to buy a house, you need to have a big chunk of cash available. As a general rule of thumb, you're looking at about 20% of the home's price for the initial down payment and then factor in a few thousand for closing costs and fees. If you haven't already, open a savings account and start putting money in there every month. One of the best ways to save is to set up automatic payments, so you don't have to remember to put money in your savings and it often feels less painful than manually seeing the money leave your checking account. You can, and it's highly suggested, contribute to your savings account whenever you can on top of these automatic payments. The goal is to be putting aside the amount of a mortgage payment each month, so when the mortgage payment does come along it won't be too shocking to your finances.
Read more about buying a house in Orange County or view homes for sale in Orange County.
Work With a Trusted Realtor
As you set out on the hunt for a new home, it's always a good idea to call up on the experts. The owners of Balboa Realty are Newport Beach born and raised and have stayed true to their roots. You can think of our Balboa Realty team as local guides who know the ins and outs of the Orange County real estate market. We scour the OC real estate market so we're always up to date on all the new listings and we have a knack for placing our clients into the homes that are right for them both financially and emotionally. Our goal is to form a lasting relationship with our clients and welcome you into our family. We work with you from start to finish and will give you the support you deserve when embarking on the adventure of buying a new house.
In need of a trusted Orange County realtor? Call Balboa Realty: (855) 211-1489
Start Small
We all dream big and this is a beautiful thing. What is important is to know the difference from your future goals and your current reality. For most people in their 20's, your first home will be more a starter home than a mansion. It's so important to buy a home within your budget and to not bite off more than you can chew. It might not necessarily be your complete dream home with an infinity pool or one that would be featured in Architectural Digest. Those type of dream homes are ones to work towards and as it's name suggets, a starter house is just the place to begin.
Plan For The Unexpected
Especially when you buy a starter house there might be renovations so plan out which ones need to be fixed immediately and which ones you can hold off on. In addition to possible renovations, every homeowner must plan for unexpected expenses like a roof leak or a broken appliance. These can sometimes be very costly, so having money put away for these circumstances is vital. For your own personal well being and stress levels you want to make sure you can comfortably live because you would never want to find yourself in the worst case scenario of defaulting on your mortgage payments and even worse...foreclosure.
Published on Friday, October 26, 2018