5 Things To Know About Homeownership In Your 20s

If we all went by movies and TV shows, our 20s are for getting that first job, having that first “real” relationship, and moving into that first apartment. (And of course, PARTYING.)

But your life doesn’t have to conform to by pop culture’s expectations. You’ve got goals and dreams that may not match up with the latest “group of friends trying to have it all” sitcom.

For example, there’s no rule or law that says you can’t or shouldn’t buy a home in your 20s. It could be the right thing for you — but before you go get a mortgage, please read these things you need to know about becoming a homeowner:

1) You’re not too young to buy.
Like I said above, there’s no rule or law that says you can’t or shouldn’t buy a home. In fact, if you’re in good financial standing (see #2, 3 and 4), it could make sense for you to make the investment and start building equity.

2) Your credit report and credit score both matter. A lot. (And they’re different things.)
A credit report tracks your debts — whether they’re paid off or not — as well as each time you apply for credit (ex.: making major purchases like a car or home). Lenders will look at your report to see if you are a good credit risk.

Your credit score, which is somewhere between 300 – 850, is based on a formula that takes into account your existing debts and limits, your payment history, how many types of credit accounts you have, and a few other variables. The higher your score, the better.

The bottom line: Having a “clean” credit report and a higher credit score can mean you’ll qualify for a better interest rate on your mortgage loan.

3) The bigger the down payment, the better off you are.
To be clear, you can buy a home without putting any money down. But if you are able to put down some money up front (maybe you have some savings or just put away a nice haul of birthday checks), that can help lower your monthly payments — just like you do with a car purchase.

4) Shop around for a good mortgage person and rate.
There are thousands of mortgage lenders out there, and it’s best to meet with a few (or at least call/email several of them) to find one that you connect with. Check the Internet for testimonials and take a peek at their LinkedIn profile, because positive reviews are a great sign.

5) Find a REALTOR® you trust that will work hard on your behalf.
You may have a realtor in your family or circle of friends, and that can work wonderfully. If you don’t know one, or you prefer to keep “personal” and “business” apart, you can do an Internet search (same as above for mortgage lenders), and maybe find a company/broker you like (they range from small, independent brokers to the nationwide companies like Coldwell Banker) or just ask around your personal and professional networks.

The bottom line: Consider your options carefully — and don’t rule out homeownership, regardless of your age.

Whether you’re ready to buy a home in your 20s, 30s , 40s or never, I hope you find this advice helpful!

 

Whatever your age, you need a REALTOR® who understands your needs. Contact me at 267.566.3448 or email me at shannon.rubin1@gmail.com today!

© 2014 Shannon Rubin.

Rave Reviews: Brandi P. (Princeton, TX)

“Shannon definitely takes the time to get to know her clients’ needs and wants. She made sure we felt safe with the house we bought, and that we would be truly happy living there.

She went out of her way to get to us if we were unable to meet with her — that was very helpful, too.

I will be using her again in the future. DEFINITELY RECOMMENDED!”

—Brandi P., Princeton

 

Looking for a REALTOR® who will get the job done? Contact me at 267.566.3448 or email me at shannon.rubin1@gmail.com today!

© 2014 Shannon Rubin.

Rave Reviews: Jessica Lewis, Bedford TX

So happy to have worked with Jessica Lewis and her husband Stephen Pope!

It took a little longer than we hoped, but the purchase went through and now they’re happy homeowners. Here’s what Jessica had to say:

“For all her hard work on our home purchase, Shannon deserved much more than her commission!

She spent many hours on the road, showing us homes from Fort Worth to the Mid-Cities while we chose the right location.

Shannon helped us make our decision and made the negotiation process an easy one. 

Due to some mortgage processing issues, we almost lost out on our home. It was Shannon’s tenacity and knowledge of mortgages that saved the deal and helped us complete the purchase.”

smileyface
Looking for a REALTOR® who will get the job done? Contact me at 267.566.3448 or email me at shannon.rubin1@gmail.com today!

 

© 2012 by Shannon Rubin.

Odd Logic: 5 Reasons to SELL Your Home During The Holidays

During the holiday season, most people are focused on buying things. (Hopefully, you and your bank account survived Black Friday!)

And usually, it’s about cleaning up and fixing up your house and making it look nice for visiting family and friends.

So it might not sound logical, but I’m going to make an odd recommendation:
Consider selling your home during the holidays.

Here are five reasons why:

1) Someone who’s looking to buy in December is probably serious. If they’re looking during the holidays, they don’t want to waste time — and they probably know exactly what they want. This is what we call a “motivated buyer” and they are great to deal with!

2) Your home looks better during the holidays. Whether you go all-out with holiday decorations or not, even a nice wreath or some winter plants can give your home some extra curb appeal. And your neighbors will probably decorate for the holidays, making the whole neighborhood look attractive.

3) Homebuyers can get a last-minute tax break. Just before the year ends, someone who buys a home can take advantage of homebuyer tax credits — and benefit when they file their 2012 taxes in a few months. For more tax information, visit the IRS site.

4) Time off from work means time to house-hunt. Between holidays and vacation time, potential homebuyers can go house-shopping on weekdays when they would normally be at work.

5) The housing market will be busier in January. Lots of homes go on the market in January because people are busy with the holidays and “waiting for the new year.” For those reasons, your home might sit on the market longer because there’s more choices available for house-hunters.

So if you’ve been thinking about putting your home on the market, now is actually a great time!

And if you’re looking for a friendly, honest and knowledgeable REALTOR®, contact me at 267.566.3448 or email me at shannon.rubin1@gmail.com right now!

 

© 2012 by Shannon Rubin.