What 20 something-year-old isn’t dying for the right opportunity to leave their parents’ home? It is difficult to leave though because you may not have a lot of disposable income, have poor credit and perhaps even student loans.
However, investing in property at a young age can bring you a lot of advantages. When you invest long-term, you will start building your financial independence.
Some might believe that it is impossible for a young person to start investing so early in life, but investing in your 20s is completely possible. You will need a little bit of money to get started, but often you can purchase your first property with as little as 3.5% down.
If you want to get started early, here are some tips that will help you along the way:
- Get into very good saving habits from a young age by putting aside your money from first jobs. When you want to take out a mortgage, you will typically need to be able to show savings of 3% of your purchase price. So when it comes down to purchasing something that catches your eye, break it down to need, want and desire.
- Maintain a clean credit history and pay all of your bills on time, or earlier, in order to build a great credit rating, so that you can obtain a mortgage with a good rate. When you get a pay check from your job, divide your earning towards your savings and bills.
- Make the most of technology and social media to learn more about investing in property and to find the best opportunities. You have a wealth of information on investing, all at your fingertips.
- Find an older mentor – someone with successful experience who can give you tips on how to choose the right investment. Contact an agent at Tom Crimmins Realty!
To find out more about investing in property, feel free to call  370.3200 or email us.