Florida Home Buying Advice for Young People
Purchasing a home for the first time can be both exciting and terrifying for young people. It is the first time they are owning property of their own rather than renting, however, sometimes current funds might make it seem difficult to do. Because of financial situations, many young people end up dropping the idea and continue renting for years. The problem with renting is that the money you put into rent goes towards the landlord without any of the return that you would get from owning your own property. When you own a home and finally pay it off, you not only have your own house but if you choose to sell it you’ll make some or all of what you initially invested in it depending on the market. The same doesn’t happen in a rental, the money you put in simply goes to the landlord and the cycle continues.
Buying Your First Gainesville Home
Despite the advantage of owning property, many young people still dismiss it due to financial constraints but the truth of the matter is that you could end up paying more in rent than your monthly mortgage payment. There a couple of things that young people can do in order to make buying their first home more achievable when the time comes. At Team Dynamo, we provide trustworthy real estate agents in Gainesville, FL.
Start a Savings Account
In order to buy your own home you need to save up money and the sooner you do this, the better. When you go to get a mortgage for a home, you will be asked how much you can put down as a deposit. The less funds you have to use for the deposit, the higher the monthly mortgage amount will be. In some instances, if you have no deposit you might not even be lent the amount you need. Because of this, it is important to start putting a couple of hundred dollars aside every month in a savings account for your future home. This will help make buying your first home a reality.
Stay in Your Budget
When looking through Gainesville, FL homes for sale, it is easy to get carried away given the many options available. However, many houses will not be in your budget and no matter how much you love the house, or how perfect you may think it is, it is important to stick to your budget. Many young people make the mistake of overstretching their budget and end up struggling every month to make the payments and even end up in debt or have their homes repossessed. Having a real estate agent by your side can be of great help as they will only show you homes within your budget that provide most or all of what you’re looking for. The Northeast area of Gainesville offers many affordable homes in a location close to chain stores, restaurants and nightlife in areas like Downtown Gainesville.
Keep Other Expenses in Mind
When attempting to buy a home, many young people make the mistake of thinking that they only have to pay the deposit and the mortgage. However, there are other costs that you need to put money aside for. For example, you will need to pay for transferring the deeds into your name, sorting out any stamp duty and getting a home buying report. You will also need to have money for home insurance and a moving company to move all your things in. if you don’t plan ahead for these expenses, you can find yourself in a tight financial situation.
Realtor in Gainesville, FL
When you buy your first home, you will see the many advantages and benefits that come with owning your own property. At Team Dynamo, we know the city’s neighborhoods and can help you find your perfect first home within your budget. Contact us today for a Gainesville, FL real estate agent.