Here are 5 ways to get yourself prepared to purchase a home in your 20s.
1. Build YourCredit - Do you know what your credit score is? Have you started the process to monitor your credit history? Visit freecreditreport.com to pull your free credit report which you can do each year to get an update on where you stand. If you do not have credit, apply for a credit card and start to make small purchases in order to start building your credit worthiness.
Here's a great link for more tips on how to boost your credit score.
2. Create aSavings Account - Open up a separate checking account with no access to it and write yourself checks and mail it to that bank. Even if it's $50 biweekly it will add up and you will be ready for that 3% down purchase of your first home.
3. Visit Neighborhoods of Interest - Hit up a Farmer's Market in the neighborhood of your choice after you have brunch at the most reviewed spot on Yelp.
4. Where Are Your Friends Moving? Talk with your friends and learn about the areas they are moving to. What do they like about the area? Is it close to all your life's interests? Could they live with you to cut mortgage costs?
5. Find a trusted realtor - Learn about the home buying process and talk with a mortgage pro. With this duo you will be glad you accomplished 1-4 so you are more than ready to buy your first home.
Always remember that a home is the best investment you can make in your 20s!
Lisa is a fourth generation Philadelphia native. She currently lives in Queen Village, but has lived in Washington Square, Manayunk, and both Delaware and Chester County. Her insight and knowledge of Philadelphia and the surrounding areas are unmatched. She loves how the city is constantly transforming, and spends her spare time exploring all of the new — and old! — things Philly has to offer.
Lisa graduated with a degree in Marketing from James Madison University. Shortly after, she began her career working in the insurance industry. With experience in both commercial and personal insurance, her interest in real estate steered her to specialize in residential homeowners insurance. The continuous involvement in home purchases made for a seamless transition to her true passion, real estate.
Lisa’s excellent customer service, determination and guidance towards financially rewarding decisions make her a premier agent. She will learn as much as possible about her clients to ensure that not only their needs are met, but their hopes and wants are achieved as well.
Lisa spends her free time exploring city neighborhoods, hiking at Wissahickon, Ridley Creek, and Valley Forge, walking dogs, and practicing and teaching yoga.