1. There is no age restriction. As long as you have the cash (and possibly a co-signer) you are good to go.
2. The time, and circumstances, need to be right for you. Credit card debt? No steady job? Maybe rethinking getting that cute little property would be the best option right now. But if you are financially able and have that feeling that it’s the time? Go for it.
3. Have a solid plan of action. Create an Excel budget for yourself with the monthly mortgage payments, down payment, moving expenses, closing costs, and everything few and far between.
4. Keep your credit score in tip-top shape. Don’t forget about any other loans you have, and take them into account. A great credit score is crucial to keeping interest rates low and staying on good terms with the bank.
5. It’s highly beneficial to live in your potential place for at least five years. You might want to reconsider buying if you don’t plan on living in the area for a long time.
6. Fixer-uppers are a riskier, but sometimes “worth-it” option. If you have no choice but to go with a fixer-upper because of your credit score, and can afford the repair costs, it is definitely a great way to customize a home the way you like it (we’re a fixer-upper-house lover).
7. This house should be “the one.” Do you see yourself growing old here?
8. Neighborhood checking is key. Sketchy crime-filled city areas are not always the best.
9. If you plan to add more people into the home, take extra space into account. Wouldn’t want the kiddos to be cramped.
10. There are many resources out there to help you! Including us 🙂