You are closing in on the end of your college career and while it has been a most memorable experience, it is time to start “adulting.” This means you are going to have to find a new place to live. You won’t have the luxury of the dorms and you probably aren’t eager to move back in with your parents. So, why not consider buying a house?
Buying a house can be more daunting than final exams and dissertations. There is no doubt about that. But, if you are prepared to take the first steps toward making a real home for yourself, the suggestions in this article should be of great assistance. But before you move in that direction, you will need to consider these things:
- Are you prepared to make mortgage payments?
- What kind of house will you be looking for?
- Can you handle one that needs roof repair in Irving, TX?
- Is a fixer-upper ok?
Once you know what you are after, and how much work you are prepared to do, the suggestions that follow will get you well on your way to buying your first home!
7 Suggestions for Buying a House after College
If you are truly ready to take the plunge, to sign on to the next biggest investment of your life, after your college degree, you will need to learn a few things. Buying a house doesn’t have to be as scary as the GRE. In fact, here are 7 suggestions to help you on this voyage:
- Credit Score– This plays a huge part in your ability to buy a house. You need to check your score so that you know where you will stand in the eyes of the lenders. If there is things that need to be rectified, start working on them now, before you graduate, so that you will be ready to go when you cross that stage. You can learn more about boosting your credit score here.
- Budget– Lenders tell you that you can spend a maximum of 30% of your gross income on your mortgage and other related fees. However, you need to take a look at your own finances and prepare a budget that feels right for you. There is no reason to overextend your ability.
- Save– It is time to put that credit card away and start saving versus spending. Buying a house isn’t cheap and if you are going to go for one that needs repairs, like the roof, you will definitely need some money set aside to get those things accomplished. And, the more money you can put down on a home the less your mortgage will be. Learn more.
- Professionals– Choose a lender and a reputable realtor. You might want to do that in reverse order as the realtor might know a good broker to help you through the process. But, pick a realtor that has been recommended to you and is trusted by someone you trust.
- Priorities– Determine what is the most important to you, the neighborhood, the size of the property, or the style of the home. This will help you narrow down your options.
- Offer– Once you have chosen the house you want, make a reasonable offer. Don’t just give them what they are asking. Try to bargain.
- Close– If they accept, and then you’ll be ready to close the deal and get the keys to your new home.
More suggestions for first time home buyers can be found here.