The average first-time home buyer makes their first home purchase in their early 30s. But buying a home at an earlier age can help build up equity (the savings in your home) so that you end up with more money down the road!
If you’re in your 20s and considering your first home purchase, here are some important factors to take into account and consider:
💡A good credit score (ideally above 680)
💡A decent amount of savings (ideally 20% of a home’s purchase price as a down payment, but sometimes 5% to 10% is enough with the right lender and worth exploring due to historically low interest rates!)
💡Having a 5 year plan (to have an idea of your short and long-term goals such as whether you plan to stay in the city, a change in career, family, etc.)
💡A comparison of buying vs. renting (your monthly mortgage amount may even be less or equivalent to the amount of rent you are currently paying)
💡A flexible list of what you’re looking for in your first home (since you’d be buying your not-yet forever home, you may be able to compromise on some aspects of your starter home)
Hopefully this was helpful and please feel free to contact me for any questions or advice! 🤗👩🏻💼
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