For all the college students out there! If you are thinking of
buying property after you graduate
, this is what you need to know!
1. Determine where (and what) you want to buy
Do you plan on staying local or moving to a different state? Then thinking about what you want to buy, most neighborhoods will have single-family homes and condos, but there are also townhomes, duplexes, and other types of homes you can consider.
2. Align your college major and job prospects with where you want to buy
Now that you have an idea of where you want to live, you’ll need to determine a major that will lead to job prospects suited for that type of area. If you’ve already chosen a major, think about getting internships in jobs that align with where you live. The other thing to consider is cost of living and pay.
3. Know where you stand with credit
Next, you’ll need to get your credit in order. Whether it means building credit for the first time or fixing some past credit-related mistakes, your credit score will directly impact if you can buy a home and how much you can afford. Between medical bills, missed payments, and a lack of credit history (among other factors), it’s easy to see your credit score tank while you’re in college.
4. Get rid of your debt
Getting rid of your debt is critical if you want to set yourself up for financial success in the future. You don’t want to get out of college with a boatload of debt and a nice new mortgage payment, do you?
5. Save, save, save!
If you want to buy a home after college, you need to start saving as much as you possibly can right now. Many expenses will begin to pile up that you will want to be prepared for.
BONUS fun fact!
Once you get into a full-time position, you can even use your time in college as "work history" when applying for the home loan!
Have any questions on getting started? Connect with us!
(855) 640-HOME