Congratulations to all the Whatcom County high school students that will be graduating within the next week or two! This is such an exciting time to fly the nest and find new passions in life. A popular question that many graduates get asked during this time is, “What is your five year plan?”. According to a recent report conducted by Bank of America, a majority of Gen Z homebuyers between the ages of 18 and 23 are interested in buying property within the next five years, and 52% are already saving up!
It may seem to soon to start thinking about that type of investment, and that’s okay too. Whatever end of the spectrum you find yourself, it is worth getting educated on what it takes to become a first-time homebuyer and how to successfully plan accordingly. We hear many people comment on how they wish they at least had the knowledge of how and where to start the buying process at a younger age, so here’s a good place to begin!
- Take a homeownership class! Do some research on where and when they are offered in your area. Check out www.wshfc.org to find a class near you.
- Meet with a few different lenders to find the best fit for you. Not all lenders offer the same financing options, so it’s up to you to find one that provides the perfect terms for your situation! We always refer our first time homebuyers to Casey Porter at Caliber Home Loans. Casey works right here in our office, and has helped numerous of our clients get into new homes!
- Narrow down where it is you want to buy and find an agent that knows the area! Consider what type of features you’d value in a home such as a two-car garage, fenced yard, # of bedrooms, as well as the ideal location and proximity to nearby attractions. If Whatcom County is your focus, I’ve been in the real estate business for almost 40 years now and am very familiar with the local neighborhoods.
- Consider the possibility of house hacking! House hacking is when you own a home as your primary residence, but rent out bedrooms to help offset the cost of a mortgage payment. If covering the monthly cost of owning a home is a barrier to buying, this may be the answer.
Whether you’re just graduating and starting a five year plan, or have been renting all your life and ready to take that next step, we have the knowledge and resources to make it happen. Give me a call today, and we’ll make a plan!