The prospect of buying a home may feel daunting to college buyers and sellers, but it often results in a worthy investment as time passes. Even as the renting and buying economies are becoming increasingly intense, college buyers and sellers are looking to say goodbye to renting and hello to home ownership in their 20s. If you are in college and you are looking for ways to invest your money, investing in a home or another piece of real estate is one of the best places to begin.
Get Your Finances in Order
All college buyers and sellers who have an interest in real estate should first focus on getting their finances in order. Even if you have an interest in pursuing becoming a first-time homebuyer, you will need to have your finances in order to be taken seriously by a lender or any banking institution you prefer to use.
Build Your Credit
All college buyers and sellers who want to invest in a home or any type of real estate must first focus on building their credit. The credit system helps lenders determine the potential risk of an individual before permitting the individual to take out a loan or receive a mortgage. Building your credit is possible by applying for secured credit cards based on your income and qualifications. You can also work towards building your credit by ensuring all credit cards you have in your name are paid off at the end of each period.
Save for a Downpayment
Another way for college buyers and sellers to prepare for the prospect of purchasing a home is to save for a down payment. In most cases, a down payment of at least 10% is advisable, though this may or may not be required. The bigger the down payment is on a first-time home purchase, the lower the monthly payments will be, based on the type of mortgage you qualify for when applying.
Consider Your Mortgage Options
Those who are new to the real estate industry should take the time to become familiar with various mortgage options that may be available to them. Traditional mortgage options via private lenders may be available for those with great credit and a history of investments or real estate. Government-backed loans as well as VA, or Veterans Affairs loans are also available for those who qualify. You will need to determine which mortgage option is right for you based on your history as well as your intentions when it comes to investing in a new home of your own.
Research Moving Locations
Anytime college buyers and sellers are thinking of investing in a new home or residential property, they should take the time to research the individual locations they are most interested in. Researching neighborhoods, career opportunities, and even future job outlooks can go a long way in determining which area is best for a student who is purchasing a home for the first time. When researching locations, take the time to compare crime statistics and potential industries that are likely to grow and scale in the near future. Once you have decided on the perfect location to move to, you can begin searching for affordable movers to assist you in the process.
Benefits of Hiring Movers
Choosing to hire a professional moving company is a way to remain focused on the actual move to your new home. Professional movers are experienced when it comes to moving large pieces of furniture from one location to another. When you hire a professional moving company, you can do so while maintaining your peace of mind. Most professional and reputable movers as well as moving companies are licensed and insured. This will protect you as a client and as the homeowner from any legal liabilities, losses, theft, or damage that may occur while the movers are handling your belongings. Always verify that any professional movers or moving company that you choose to hire is licensed and insured before allowing them to transport your furnishings.
Conduct a Professional Home Inspection
Whenever you are thinking of investing in a home of your own, it’s important to conduct thorough inspections. Professional inspections can help you to pinpoint specific areas in and around your new prospective home that will require updates or repairs before you can safely move in. One of the most important areas to consider is residential roofing. Roofing is one of the most fundamental aspects of owning and maintaining a home. Conducting an inspection of the roof of any home you are interested in is highly advisable before moving in.
The Importance of a Roof Inspection
Roofing inspections can help you to determine the actual age of your roof and its current condition. With a roof inspection, learn more about how long you have left until you will need to update your roof or replace it entirely. Professional roofers can also provide valuable insight into potential risks such as poor flashing, leaks, and even loose shingles. Conducting a complete roof inspection is a way for you to maintain your peace of mind before moving into your new home as a college student.
Why Work With Professional Roofers
Anytime you intend to conduct a roof inspection on a new home or property you’re interested in, it’s best to rely on professional roofers. Professional roofing companies and roofing contractors are familiar with various roof types, materials, and conditions a roof should be in based on its location and age. If you are moving into a home for the first time, a professional roofer can help provide valuable advice regarding your roof and its potential needs. You can also work with a roofer to determine whether or not your new property investment will require a complete roof replacement anytime soon. Professional roofers can provide quotes, portfolios, and testimonials to prove their abilities and professionalism. Always verify that the roofer or roofing company you hire is licensed and insured before allowing them to inspect or work on your roof in any capacity.
Invest in Necessary Maintenance and Updates
Whether you are purchasing a home in college or later on in life, maintenance is necessary for any homeowner. Once you have moved into the home of your dreams, it’s important to prioritize HVAC maintenance services. This is especially important if you require vent & duct cleaning services, or furnace repair before you begin running your HVAC system.
What Are HVAC Services?
HVAC maintenance services may range from traditional inspections of your furnace, vents, ducts, and air conditioning system to repairs and complete replacement jobs. HVAC services can help you to ensure your HVAC system is operating as smoothly and as efficiently as possible, especially during the coldest and hottest months of the year. Regularly scheduled HVAC maintenance services are highly recommended for any new homeowner who is just becoming familiar with how to properly maintain an HVAC system on their own.
Other updates, repairs, and replacements to consider when moving into your very first home include basement renovations and the installation of a new garage door. Updating your basement can drastically transform your home’s appeal while increasing its value. If you want to boost your home’s curbside appeal, you can do so by investing in a brand-new garage. Whether you’re interested in a traditional or remote-controlled garage door, working with a local garage door company with a professional reputation is highly recommended.
Update Your Plumbing
Moving into a new home requires the ability to keep up with various areas of the house and its foundation. This will also include maintaining the plumbing throughout your home. If you purchased a home that is not brand-new or that has been standing for more than 50 years, you may want to conduct a thorough inspection of your plumbing, main drains, and sewer drains. After an inspection is complete, maintain your plumbing regularly to prevent backups and clogged drains which can result in floods and permanent damage to the structure of your home.
How to Maintain Your Home’s Plumbing
Maintaining the plumbing throughout your home is possible by monitoring your shower, tub, and sink drains regularly. Keep an eye on all of the toilets in your home and how quickly they flush. If you notice that water is not flushing properly or that your drains are taking too long to empty, you may have a clog or a backup that needs to be addressed. You can maintain your own plumbing with a traditional snake or by working with a professional local plumbing company or plumbing contractor.
Maintain Beautiful Landscaping
Investing in a home requires more than the ability to pay the mortgage and maintain its interior over time. As a homeowner, you are also responsible for maintaining the exterior of your property. This includes landscaping and ensuring your home remains as presentable as possible. The more curbside appeal your home has, the easier it will be for you to place it for sale on the market once you are ready to make your next investment.
Landscaping around a home can include everything from planting flowers and new trees to simply maintaining greenery and shrubs that already exist on your property. If you are new to landscaping or if you want to focus on other projects around the house, you can work with a local tree removal service or a professional landscaper near you. If you want to remove pests from your exterior while maintaining your trees, you can do so by seeking professional tree spraying companies in your local community.
Advantages of Hiring a Professional Landscaper
Even if you enjoy landscaping and planting your own flowers, working with a landscaper around your new home can be extremely beneficial, especially if you are moving to a new location. Local landscapers of an area will be familiar with the type of flowers, trees, shrubs, and greenery that work best in the climate or region you are now located in. Working with a local landscaper provides an opportunity to learn more about your options when it comes to creating a specific look with the flowers and trees you have in mind. You can also ask questions regarding maintenance while working directly with a landscaper. Asking questions about your own property and lot will help minimize confusion or stress that is often related to the process of landscaping in a new location.
Invest in New Countertops
As a new homeowner, you may be wondering how to go about boosting the value of your investment as quickly as possible, especially if you are a college student. If you are interested in placing your home on the market in the near future to turn a profit, consider various kitchen renovations, such as investing in brand-new countertops. Countertops in a kitchen can transform the space and quickly add value to the property itself. Whether you have always had your eyes on traditional countertops or if you prefer granite or marble solutions, you can install the countertops of your dreams by working with a trusted company near you that provides countertop services.
How to Find a Countertop Contractor
Working with a countertop contractor who specializes in residential kitchens can help bring any vision you have for the space into reality. Finding the right contractor is possible by checking with local kitchen renovation companies near you and by asking friends and family members for referrals to local contractors they trust and have worked with in the past. You can search for countertop contractors online with various business directories as well as with the use of social media and search engines. Compare contractors based on their location, experience, and the portfolios they are showcasing. Review the portfolios of individual contractors to determine which contractor is right for you and the type of countertops you are most interested in for your own kitchen space.
For college buyers and sellers who are interested in getting involved in the real estate industry, homeownership is one path to consider. While college buyers and sellers may feel limited in their options, there are many different ways to go about investing in a new home today, regardless of your age and experience in real estate. The more familiar you become with the process of purchasing your very first home, the easier it will be for you to set and accomplish your financial goals.