Tips for Buying a Home in Your 20â€™s, 30â€™s and 40â€™s
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 20â€™s is not necessarily what youâ€™ll need when youâ€™re in your 30â€™s and 40â€™s. Here are some of our tips for buying a new home in Illinois and Wisconsin when youâ€™re in your 20â€™s, 30â€™s and 40â€™s.
Buying Your First Home in Your 20â€™s
Create an Extensive Plan â€“ Itâ€™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. Itâ€™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 we also offer custom mortgage programs to help homebuyers in our Bailey Estates, The Trails of Dawson Creek and The Trails of Pheasant Ridge communities.
Check Your Credit Report â€“ 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. Itâ€™s not uncommon for credit-reporting agencies to mix your credit file with someone elseâ€™s in their large database. Imagine finally saving money for your dream home only to learn that someone elseâ€™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, itâ€™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 â€“ When you buy a new home, you donâ€™t have to settle for someone elseâ€™s choices. Create your own personal style from the very beginning instead of having to strip down out-dated wallpaper or replace old appliances. The professionals at Gerstad Builders will help you 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 30â€™s
Reevaluate Your Priorities â€“ Upgrading to a larger home is often a priority for homebuyers in their 30â€™s. At this stage in life, itâ€™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 â€“ When you have the extra budget for a new home, you often consider better upgrades. By now, youâ€™re educated in the home-buying process and youâ€™ve owned a home long enough to know that you want granite countertops and luxe plank flooring. If you bought new-construction in your 20â€™s but passed on the upgrades, it may be time to reconsider.
Reassessing Your Needs in Your 40â€™s
Focus on Your Lifestyle â€“ 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 40â€™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 40â€™s. If most of the major life expenses are behind you, it may make sense to start paying your home off sooner.Â Now is the time to speak with a financial adviser to find out the implications of early payoff.
As the largest builder in McHenry County, Gerstad Builders has earned a solid reputation for helping home buyers find their perfect new home. Our professional staff can work with you to customize your every need to create a home that is uniquely yours! To learn more information about our new home communities in Poplar Grove, Richmond, McHenry or Williams Bay, visit the Gerstad Builders website.