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Phone: 979-693-0201 Email: [email protected]

Myke Leatham | Brazos County Realty

Myke Leatham | Brazos County Realty

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How To Buy a Home in Your Twenties

June 20, 2018 by Myke Leatham

Owning a home in your twenties is possible – it’s actually encouraged and highly commendable. With the right planning, you can say goodbye to renting and hello to homeownership. Renting can come with great benefits, but the fact of the matter is that renting is not helping you earn equity for your investment. Not only does renting require you to make a decision on whether to stay or move to another apartment, but there are also risks of the rent rate increasing. 

When you purchase a home, every payment you make is going toward paying off the mortgage and earning equity. On top of earning equity, owning a home allows you experience living in a neighborhood and making a home exactly what you want it to be with no restrictions. 

Here are some tips on how you can make home ownership in your twenties happen. 

Make the Decision on Where You’d Like to Live

Statistics show that millennials are getting married later and thus waiting longer to buy a home. If you are ready to make the leap to owning your home, the first step is to lock down exactly where you want to live. City, neighborhood, and school zone – all of it needs to be decided. The last thing you want to do is purchase a home and then decide later on that you don’t really want to spend 10 years to a lifetime in a particular area or neighborhood. Making home ownership in your twenties works only if you are willing to commit for at least 5 years. Make sure you have your 5-year plan set before planting roots and purchasing a home. 

Quick tip: College Station is one of the most amazing places to call home. We live here and love it and we know you will, too! If you are ready to find a great home, you will find plenty of options in the College Station/Bryan area. 

Get Your Credit In Line

If you’re in your twenties, you may have low or no credit at all (or you may have pristine credit!), which can make it difficult to secure a mortgage. If you have no credit, you can try opening a credit card with a small limit and just pay off the balance every month to build credit history. If you have established credit, be sure to check your credit report to see your score and ensure that you don’t have any false reports. Keep your credit balances below 30 percent and pay off the balances on time so you don’t have any derogatory marks on your credit report. Take a look at your credit score from the three major credit bureaus, as your score can be different for each. 

Determine Your Budget

How much can you really afford to spend on a home? And keep in mind – what you qualify for, may not be how much you should borrow for your mortgage. After you have decided where you want to live, and you’ve taken the steps to get your credit all in line, you should really look at your finances and determine how much you can afford to spend on a home. 

You really can’t start looking for a home until you know how much you can spend. Do your homework and obtain pre-approvals for a mortgage. The Internet can be your best friend when looking to get pre-approved. There are certain websites you can use to play with numbers and see how much your monthly payment could be depending on interest rate and how much money you put down. You can also gain pre-qualification with any lender, whether it be the bank you use for your everyday banking or with home lenders like LendingHome, etc.

Another item you need to take note of is the type of loan you want to take out. Many first-time homebuyers can qualify for an FHA loan and only put down 3.5 percent – having a lower down payment, which can help break down certain barriers to homeownership. Another option is a 203k-mortgage loan to help pay for renovations on a fixer upper home as well as traditional options such as a 15-year or 30-year mortgage. Keep in mind the recent changes to the tax plan may have affected options for certain homebuyers. Do some research and determine what kind of mortgage will work best for you. 

Save, Save & Save Some More

Now that you know how much you can afford to pay for a mortgage, you need to figure out how to pay the down payment. If you don’t have a large savings or a gift from a family member, you need to work on saving and trimming your budget. Sit down and go through your monthly bank statements and see what you can cut out. Do you really need that fancy gym membership? Can you skip Starbucks and have coffee at home? Locate areas in which you can save and use that extra money to build up for your down payment. Another thing you may consider doing is asking for a raise. Anything helps!

Utilize Down Payment Assistance

Research down payment assistance and grant programs. Certain cities will offer down payment assistance like $15,000 grants for first-time homebuyers who purchased foreclosures in specific neighborhoods. This process requires a hefty amount of paperwork, but in return you receive down payment assistance. This is a soft loan, which means it is forgive a bit each year. You can use the assistance for a down payment, principal or both. 

Finding Your Perfect Home

Now for the fun part – finding your dream home! First, as a first-time homebuyer in your twenties, you will definitely want to the help of a professional real estate agent who knows both the market and the home buying process. A real estate agent can negotiate on your behalf and help you land the home of your dreams at the price you can afford. One of the biggest steps in finding your perfect home is performing due diligence. Once you find a few home options you’d like to explore further, schedule a showing with your real estate agent. On top of looking at the home, you should get a real feel for the neighborhood. Drive by the homes during the day, at night and both in the morning and afternoon during rush hour. 

Spend time in the neighborhood, attend a neighborhood association meeting, talk to a few neighbors to see how they like living there. Read articles and news about the area – really use Google to learn as much as you can. Attending a neighborhood association meeting can help you learn about events, projects and so much more that your real estate agent may not even know about. Eliminate any surprises by doing your research.

Know Your Budget & Stick to It

This is one of the most crucial steps to buying a home in your twenties. If you have a low salary, big student loan payments, and other variables affecting your budget, you need to make sure that you are making realistic decisions when purchasing a home. This isn’t a forever home – this is a starter home. Factor in your mortgage, taxes, fees, insurance and maintenance and upkeep into the home buying budget. Also, just because you are approved for a $200,000 home, does not mean you should purchase a $200,000 home. 

Your realtor can be a guide in helping determine how much home you can afford, as they know every expense that comes with home buying. Realtors also have a special touch and great negotiating skills so if a home is a tad bit above your budget, you can tap into your realtor’s skills and try to negotiate for a lower price. 

Ready to Buy Your First Home? Consider College Station

Buying a home in your twenties is a huge accomplishment and we hope these tips will help you along your journey to home ownership. Determining your budget, working on your credit score and performing due diligence on neighborhoods all while working with a professional realtor will help make the home buying process a breeze. The realtors at Myke Leatham are resident experts in the College Station area and can help you every step of the way in buying your home. 

College Station is home to so many amazing opportunities, from the incredible golf courses, dining options, shopping destinations and of course the coveted Texas A&M main campus. Living in College Station is a dream – you can nestle into a cottage-style home or settle into a home that is waterfront. College Station features fun amenities including museums, the George Bush Presidential Library, Lake Sommerville, Opas, A&M Football at Kyle Field, and plenty of restaurants, shopping, camping, golf and so much more. 

The realtors at Myke Leatham can guide you to the perfect neighborhood with the perfect home for you in College Station. Contact us today to get started and take a look at our featured listings. 

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Category: Blog

About Myke Leatham

I’m so glad you found me – your College Station and Bryan, TX real estate source! When you choose to buy or sell a home in College Station/Bryan, TX or other surrounding areas using our expert services, you will receive a free consultation to determine your needs, free listings, and free reports sent to you by email. These weekly reports will show you how hard the members of my team are working to accomplish your property goals, and we guarantee the best service and consultation you have ever experienced. You’ll find the best community information for the College Station, Texas region right here.

It’s nice to know YOUR Realtor will still be of service after the sale.

Experience Counts: Broker/Owner of Brazos County Realty
Over 25 years of sales experience. With past ABR, GRI, CRS, & Epro designations.
Continuing education in real estate: Education is paramount in an ever changing industry like Real Estate. Myke has taken over 1000 hours of real estate specific courses which include but are not limited to: Residential Appraisal, Marketing, Law Contracts I & II, Finance, Residential Inspections, Principles and Practice, Law of Agency, Code of Ethics, Bankruptcy/Easements/Surveys/and Probate, Home Warranties, 1031 Exchanges and hundreds of hours of extensive real estate training.

Reputation: SALES LEADER since 1998; Top Producer 2000 through 2009. Listed among the top agents in the county. Consistently ranked among top realtors for total sales volume out of 900 realtors for commercial and residential real estate in the Bryan/College Station, TX area. When Myke represents buyers, she presents all viable options to her clients, including those properties that are not officially listed, but could be available for sale based on her inside information. Her expertise lies with investors and marketing homes of all price ranges in College Station/Bryan to local, national and global buyers, across all major media channels and through her extensive, personal network of contacts.

Myke is among the top 1% of all Realtors in North America!
She has earned the Designations of ABR (Accredited Buyers Representative), CRS(Certified Residential Specialist), GRI (Graduate of Realtors Institute)CHMS (Certified Home Marketing Specialist), and E-pro (Certified Internet Professional)
Fewer than 3% of all Realtors nationwide earn these certifications. They are not only a symbol of Myke’s commitment to this business, but these designations are your assurance of a skilled, trained real estate professional.

Myke is a consummate real estate professional who not only understands the art of deal-making, but also the art of relationships. She makes the process of buying and selling homes an uplifting and fun experience. She has a tremendous appreciation for Bryan and College Station, its rich history, and Texas A&M traditions having lived in the area for 25 years. Her knowledge of Bryan/College Station’s real estate market and market trends is unparalleled. Having been personally involved with clients through their remodeling, purchasing and selling processes, she knows intrinsic quality and value when she sees it. When she doesn’t see it she lets her clients know, without hesitation.
Myke’s proven track record and affiliations in the field of real estate demonstrates her high level of professionalism.

* High energy and enthusiasm
* Aggressive marketing
* Expert negotiating skills
* Ability to listen and ascertain customer’s desires and needs
* Fun to be with
* Internet savvy
* Because Myke is an experienced investor, she quickly helps her customers locate and define good business opportunities. No one likes the feeling of being ‘sold to’ so Myke provides as much information as possible to help you make the right decision.

Personal Commitment:
I am prepared to go the ‘Extra Mile’ for you, because I understand the financial and emotional significance of purchasing and selling your home. I will carefully listen to your desires and arrive at a workable plan. I believe sensitivity, listening, and service are important keys to success.
Whether you are buying or selling a home or you are just curious about your home’s market value, I’d be happy to provide my market expertise and intelectual property without obligation, or meet with you to evaluate your home for future reference. I want my customers to have a great time and enjoy the total process of purchasing or selling property. It gives me great pride when my customerspass my name on to their friends and family. I will continue to work hard to make sure critical information is available at www.AggieRealEstate.com and I invite all interested investors to search my site for cash flow opportunities. I will dedicate my time and talents to helping you achieve your goals. It is my goal to make your buying and selling experience extraordinary. Look closely and you’ll see how much I love meeting and working with people. You’ll experience the difference in working with an experienced and dedicated professional.

Personal information:
Michelle goes by ‘Myke’ and is the proud mother of 6 children – 3 girls and 3 boys. Her husband is David Leatham. They met at Brigham Young University. They have been married since 1977. David is a finance professor, and Associate Head over graduate studies in the Agricultural Economics Department at Texas A&M University, and speaks fluent Spanish. They have lived in College Station since 1983 and loved every minute of it. Myke loves to quilt, sing, swim, ‘sing’, bake bread, ‘sing,’ garden, ‘sing’, sell real estate, and ‘sing some more’ :-). Family, church, and real estate consume most of her time. Truth, honor, integrity, kindness, loyalty, gratitude, and service are very important words to her.

Slogan: ‘Let Myke Help You With Your HOMEwork!’

Referrals: The highest compliment I can get is when you pass my name on to others or post a kind remark on the internet. When you send your friends and family my way, I’ll always provide them with the highest quality of service that I know you would appreciate. Thanks in advance for all your support and friendship.

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