So, 2020, you’ve been a bit of an interesting year…but interesting doesn’t always mean it’s bad. Depending on what is going on in your world, now might be the right time to buy a house, believe it or not. What do you need to know, what credit score are you aiming for, how to secure the best loan, and countless other important details coming in this episode with Anthony Sherman, co-founder, and CEO of Simplist.
My Home Journey
I bought my first house when I was 24 and probably had no business buying a house. I thought I was rich because we had saved $10,000 and somehow convinced my parents to lend us some more money for the downpayment. We had been pre-approved for a home loan of $350,000. If you know anything about real estate prices in Los Angeles, $350,000 doesn’t get you much now, but it did over ten years ago.
I remember when we walked into our house on an open house tour. It’s true, the house does pick you! I fell in love with this little 1960s bungalow and all its unique features. There was a brick flooring in a little alcove and wood ceilings and the best backyard I could hope for.
The home buying process was grueling for someone who obsesses about numbers, but at 24, I didn’t think very much about it…I just wanted the house. I will say, there are a few things I learned about the process that can help you.
- Buy ONLY what you can truly afford (because stuff breaks right and left and you need cash to fix it)
- Find a house that still allows you to save and invest
- Find a house that has resale value (because you aren’t going to live in it forever)
- Look at a ton of houses…it helps you figure out what you really want
- Make sure three things are up to snuff: the roof, the windows, and the plumbing. (We spent over $25K to fix the plumbing just under a year after buying the house)
- Don’t forget to budget for yard work
- Sacrificing for your house is sometimes necessary, just make sure you can still have money for some fun
I’m sharing a bit more about my home buying journey in this episode, so enjoy!
What You’ll Learn
- Is now the time to be looking for a new house
- What credit score do you need in 2020 to get the best interest rates
- How and why to get pre-approved for a mortgage
- How to get a mortgage if you’re self-employed
- What happens if you lose your job while you’re trying to buy a house
- Best money practices to set yourself up for a mortgage
- I share my own journey of buying a house
Thanks to Indeed for sponsoring this episode. Try Indeed out with a FREE SEVENTY-FIVE DOLLAR CREDIT at Indeed.com/MYMONEY. This is their BEST offer available ANYWHERE!
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Shannah Compton Game is a Money Wellness expert, host of the to-rated Millennial Money podcast, and CERTIFIED FINANCIAL PLANNER with an MBA. Millennial Money has over 15 million downloads in 164 countries. Shannah’s years of experience as a skilled Certified Financial Planner have set her on a mission to revolutionize how people think, act, and feel about their finances…and have some fun doing so.