How To Save To Buy A Home in Your 20s

In recent years, the average age of first-time home buyers has become lower and lower. With interest rates at record length lows, and more awareness being built around financial literacy and wealth building, we decided to share a few tips for those of you in your 20s looking to own real estate.

Regardless of your annual income, it is very possible to strategize and save enough money to become a home owner – which opens the doors to becoming a real estate investor!

In this video Queens, NY Real Estate Broker Alexander Fazelani breaks down 5 strategic ways to begin building wealth through real estate in your 20's - a time when many of us are not necessarily at the income bracket we hope to be in to consider purchasing a home.

Looking to purchase a home in the next 3 months to 24 months? View homes for sale today and familiarize yourself with the market! As always, we are here to be a resource for you and your network. Feel free to call us at 347-707-3098 or 917-915-4417 (or email info@iarealtygroup.com) with your real estate questions. We’re happy to help!

Why Waiving Your Home Inspection Can Lead to a Huge Risk!

When purchasing a property, never offer to skip the inspection! It may seem like a good idea or attractive to the seller for a quick deal but it could lead to huge problems down the road.

Real Life Example:

We had a client who refused to listen to us when we advised that they get a home inspection after negotiating the best price possible. The individual in this case waived their right to proper inspection because they wanted to close the deal before anyone else put in an offer. By neglecting the advice of his realtor, it cost him $25,000 after closing. He found out that there was asbestos in the basement and it needed to be removed.

It is never a good idea to buy real property without the advice of a good inspector. So this is how you avoid getting caught it the hoopla.

Pre-Purchase Inspection:

If you want the home, it is important to inspect the home before getting into contract. Worst case, scenario you spent a couple of hundred to avoid paying a couple of thousand later.

It’s better to be safe than sorry.

But, The Seller Did An Inspection!?

So, most sellers do a pre-home inspection to help make the sale go as smoothly as possible. This is a good idea to show what ‘as is’ really means. The hope is that the buyer gets what they get. Unfortunately, the inspector has loyalty to whoever is paying them so as a purchaser it is a good idea to get a second opinion in case the seller's inspector missed something on purpose or even by mistake.

Move Quickly.

If your offer is accepted it is wise to get the inspection done quickly to avoid being outbid. It is important to keep the momentum, asks your realtor to connect you with an inspector before you find a place. So when you are ready to pull the trigger they are on call.

TIP: If you are looking at a hot market where properties fly off the market ask your realtor to pre-schedule an inspection. If your realtor has to cancel the inspection, it's better than scheduling after the accepted offer. Nothing is worse than getting the inspection done and being outbid.

The key here is not to get caught up in the drama of the bidding war. Don’t let the fear of losing a house force you into a tight spot!

Happy House Hunting!