– by Arti Choudhary
Owning a house of your dream is the best feeling in the world. But is there an age fixed for buying it? No, not for sure, especially when it comes to generation Z or Gen Z (people born in 1995 or later). This generation is known for changing the mind-sets of people who say that there is an age of doing everything. With the oldest members entering the age bracket for first-time home buying, Gen Z shows far greater interest in homeownership than the general population.
If you are in your twenties and planning to buy a home then there is nothing wrong with it. But there must be some questions running through your mind when you decide to take a step ahead in buying your own house and the most prominent one is how you can buy a home in your twenties? So, here the tips that can help you in fulfilling your dream.
Good credit score
Many people might have advised you that it is not good to have or hold a credit card at your early age, but if you are planning to buy your home then you must need to get a credit card for yourself. It is great for taking a sort of loan, all it requires to maintain a good credit score. Buy things with your credit card and to keep your score a bit high and make sure you don’t ruin it in any circumstances because it is easy to spoil things but difficult to gain back the trust of the bank.
Multiple sources of income
You need money in order to buy a home and having multiple sources of income is going to help you a lot. If you are having a full-time job and also having a side hassle going on, that will help you in saving up your money and also when the bank sees how much you are making, they will be more interested in allowing you to loan them money.
Invest your money ideally and avoid buying unnecessary stuff
If you are earning good, but spending it all on buying unnecessary stuff then you are not serious about buying your dream house because it is just one way where you are spending and spending a lot but not getting back anything. On the other hand, if you will invest your money ideally, then the chances of savings also increase.
Must have a good employment/ tax history
As compared to a permanent employee, the bank looks after the tax history of the entrepreneur very carefully, because of the unstable income and they see that as a big issue. In that case, you need to have a good co-signer. But if you are an employee with a good history in your workplace and with the taxes you will get a good amount of loan.