Among the key questions are, do you have enough savings and income and job stability to buy something you want to live in--that is, do you qualify financially? A pre approval letter from a lender, such as your neighborhood bank, will tell you that.
Are you able to commit to staying in one place for the next 5 to 10 years? If not, realize that you may likely lose money on your investment if you have to sell unexpectedly.
Are you comfortable with the investment risk and commitment of owning real estate? It does not sound that way from here, because you are so focused on your life inexperience in your question.
It's a great thing to ask advice, but it's your life to live. Assuming you even have the option to purchase instead of renting, really only you know what's right for you.
Karla Harby VP
Rutenberg Realty NYC
For further clarification, my question was what should be my step in owning a real state considering that I have just starter with my first job? Is it feasible for a young one like me to just rent fist? If so, how long? Is the cost to pay a rent and to pay a mortgage similar? I am aware that there should be at least 20% down payment so I stay away from the additional fee of insurance,
Please advise. Thank you.
Your question is a little unclear and I am not sure exactly what you are asking. Please clarify so I can give you a good answer.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Come up with a budget that includes saving for the future, for a down payment or other aspects of your life
You're young - your needs and wants will most likely change , so I wouldn't rush to buy anything quite yet, even if you do have the money and income to do so. Make sure you're happy with your first job, and that you're secure on that position.
Plan ahead..........it will happen one day!
Try not to open any new credit accounts at once. Get that report first! I'd stay in that apartment for 3-5 years or find another apartmnt or house rental if the one you have is too expensive. It is so CRUCIAL to live below your WANTS and live by your NEEDS instead. The idea is to take time to know what you want and to see how the economy is doing. Don't believe all these reports that the economy is getting better. Trust what YOU SEE and VERIFY! DO NOT GO TO A LENDER....just about EVERYBODY checks YOUR CREDIT REPORT! That puts dings against it lowering your FICO SCORE. NEVER LET ANYONE DO A CREDIT CHECK EXCEPT THE OBVIOUS (rental agreements, life insurance, car insurance, job applications considering you for a job). Have your own on you for your reference only knowing your own 3 credit reports from Equifax, Experian, and Transunion. Make sure when you get them online that you save them to your computer and copy them. After that, in a year later when they are free again (except the scores you need) don't order them at once but stagger them out. Get 1 every 4 monhs until yu have all 3.
I don't know if you have a significant other or not. Whoever you become serious with, KNOW their financial situation by asking them to check into their free credit report with scores for you two to share. You don't want to become burdened down with someone else who's highly in debt. College loans are a GOOD debt but pay them down quickly. Any debts occurred, do NOT pay minimum payments but pay them down as quickly as possible. You can SAVE on finance charges by paying on debts weekly instead of monthly as it saves on those pesky finance charges. If you MUST use a credit card for REAL NEEDS, pay them off as soon as the bill ARRIVES.
ALWAYS HAVE 5 YEAR GOALS and then 10 YEAR GOALS in your career and in your financial affairs. You never know when you are transferred or laid off. It costs to move which is NOT always paid by someone else!Have an account for saving 9 months of living wages in case of job loss. Don't be in a hurry! You didn't get where you are at overnigt. Then YOU CAN NAME YOUR OWN FUTURE.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors