One Step Back, Three Steps Forward for Homebuyers
June 10th, 2009
Categories:Home Buyer Education, Real Estate News
According to the Census Bureau, one in eight adults between 25 and 34 years old are currently living with their parents. Money Magazine states “unemployment for people in their early twenties now touches 14%, vs the national average of 8.5%.” The rest of the article gives parents tips on how to handle the situation when children move back in, here’s the quick and simple of it:
- Don’t baby your babies
- Do help with the job hunt
- Do assist in exit planning
What about today’s homebuyers out there looking for a way to save money for a down payment? Wouldn’t this be an excellent opportunity to save money, pay off credit cards and possibly get a good idea of what home ownership would look and feel like?
If your a future homebuyer thinking about taking a step back by moving in with the folks, plan on taking three steps forward while you are living with the family again.
The Three Steps Forward
- Step 1: Pay off the credit card debt
- Step 2: Start saving for the costs involved with buying a home
- Step 3: Live in the shoes of a homeowner, you might be surprised at what you realize
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