Each stage of life offers new challenges and as those curveballs are thrown your way, what you need from your home will change. What you need as a homebuyer in your early 20’s is not necessarily what you’ll need when you’re in your 30’s and 40’s. Here are some of our tips for buying a new home in Florida when you’re in your 20’s, 30’s and 40’s.
Buying Your First Home in Your 20’s
Create an Extensive Plan – It’s a strong possibility that during college, you are renting a home or apartment because you have no idea where your career will take you. It’s advisable to start saving $5,000 to $10,000 once you are established in a career and know what your budget allows. Once the money is saved, stop renting and buy your first home. An FHA loan with 3.5 percent down or a conventional loan with 5 percent down is ideal for first-time homebuyers, but many real estate agents can help find custom mortgage programs that help homebuyers based on various factors.
Check Your Credit Report – Checking your credit reports from Equifax, Experian and TransUnion should be top priority when purchasing a home become one of the items on your bucket list. It’s not uncommon for credit-reporting agencies to mix your credit file with someone else’s in their large database. Imagine finally saving money for your dream home only to learn that someone else’s collection accounts and bad debts are associated with your credit report. Many first-time homebuyers mistakenly believe that a credit-repair company can help their situation when in reality, it’s one of the last places to go if you have good credit but someone else is the problem. Obtaining a detailed report can help save you time, money and credit!
Consider New-Construction – When you buy a new home, you don’t have to settle for someone else’s choices. Create your own personal style from the very beginning instead of having to strip down outdated wallpaper or replace old appliances. Select your favorite flooring, countertops, cabinets and appliances to ensure that your home reflects your own sense of style. Also, as energy conservation becomes more cost-effective and beneficial, new homes are generally far more environmentally friendly than ones built only five years ago.
Considering Your Lifestyle in Your 30’s
Reevaluate Your Priorities – Upgrading to a larger home is often a priority for homebuyers in their 30’s. At this stage in life, it’s not just about the extra space. Finding a new home with an excellent school district, community amenities and convenience to major routes of transportation, shopping, dining and entertainment are also top priorities.
Consider Your Upgrades – When you have the extra budget for a new home, you often consider better upgrades. By now, you’re educated in the home-buying process and you’ve owned a home long enough to know that you want granite countertops and luxe plank flooring. If you bought new construction in your 20’s but passed on the upgrades, it may be time to reconsider.
Reassessing Your Needs in Your 40’s
Focus on Your Lifestyle – Where are you at in this stage of life? Do you still have kids at home or are you an empty nester? Both situations can drastically change your current and future home buying budgets. Your real estate decision in your 40’s should reflect where you are in life right now.
Pay Off the Mortgage – Shorter-term loans tend to be more appropriate for those in their 40’s. If most of the major life expenses are behind you, it may make sense to start paying your home off sooner. Now is the time to speak with a financial adviser to find out the implications of early payoff.
Are you looking to buy real estate in Florida? Contact us with any question you have.