If you spent your twenties discovering yourself, you might use your thirties to define your life goals. Buying a home on the island may be one of your life goals. However, some people think owning an island home is impossible. You don’t have to wait until you are retired to live on the island. We want to assure you, buying a home is possible at any age. Here are four actions you can take now to prepare for buying a home.
Budget for Your Home!
Some financial planners recommend first-time buyers make a down payment of at least 20% on their dream home. Our realtors can also help by finding many properties within a specific budget.
Budget for:
- A monthly mortgage payment.
- Closing costs and property taxes.
- Unexpected home expenses, such as damages or gas leaks.
Account for Your School Debt
Before buying a home, take into consideration how much college debt you still owe. Refinancing may be your next step to ensure you can handle a monthly mortgage and school payment.
Consider these finance options:
- Consolidating your student loans.
- Extending the life of your student loans.
- Pay off your student loans before saving for a home.
Research Home Insurance
If you want to purchase an SPI home, consider researching what type of insurance you will need. Having insurance can mitigate or eliminate future costs that occur when owning a home.
Decide which insurance policies you need:
- Flood insurance
- Accidental insurance
- Storm damage insurance
Cater to Your Seller
In a previous blog, we mentioned a few ways to increase your chances as a prospective buyer. Currently, the housing market trends are leaning in favor of sellers. Prepare by following these tips from our SPI realtors.
Start Searching for Your Home
Send us a message online or call (956) 761-2040 to talk with our team about finding your new home today.