It’s not surprising that we, as millennials, are struggling to buy houses on our own right now. (Hello, college debt.) And if we’re not getting help from our parents, it can seem a bit overwhelming. But, even if it’s more challenging for us, I don’t think it’s impossible to reach the personal goal of buying our dream home if we do some intentional planning first.
If landing your dream home is in your five-year plan, here are some steps you can take now to get you closer to your goal.
Establish good credit
Buying a house means you’ll need to have a good credit score. That is something to keep in mind right now. If you don’t have credit, get started with a credit card that you’ll pay off every single month. Make it a rule that you won’t break. And if you can’t pay it off right away, always pay more than the minimum amount.
Stay conscious of your credit score and continue to check it once or twice a year.
Eliminate your current debt
When I think about debt, I kind of want to puke. And avoid. There’s lots of avoiding going on here. But, I’ve also gotten more comfortable with the idea that eliminating debt needs to be a top priority for me to reach my financial goals. Think about little ways you can save or side hustles you can start to get you closer to paying off those pesky loans. I get so inspired by blogs like Cait Flanders, who paid off $30,000 in two years. It is doable, friends!
Write a want/need list
This is the fun part. What are your non-negotiables for your future home? Write them down. Visualize your dream scenario.
Where do you want to live?
How many bedrooms?
What do the walls look like? Brick? (Yes yes yes!)
Do you want to remodel or have a house that is great as is?
These are some things to start brainstorming. If you’re into manifestation, it’s great to get specific with your desires to visualize them fully — so you can manifest it into reality.
Use sites like Zillow or Trulia for online estimates of house prices with your dream location and with your desired traits.
Save up for a down payment
Do you know how long it will take financially to save up for a house deposit? And have you started yet?
It’s always productive to start working towards your financial goals even if it may take some time until you can reach them.
Get comfortable with money
It’s easy to get bogged down by the idea of money, but it can be easy and fun if you let it be. Allow your mindset around money to be that it is always available to you. By eliminating debt and saving for exciting purchases, you’re being the boss of your life. Don’t let it intimidate you, and start owning your ability to make and save money.