5 tips for millennials ready to buy a home

Seek to reduce your debts with extra income.

According to the latest Federal Reserve statistics, overall consumer debt, including car loans, is now relatively stable. But student loan debt continues to soar and now approaches $1 trillion.

For anyone seeking to progress financially, cutting debt — including credit card balances — is an absolute must.

”The interest rates charged on most credit cards are ridiculously high. All that interest can eat you alive,” Blankenship says.

Unfortunately, many 20-somethings make only enough money to meet necessary living expenses. They’re very limited in their capacity to pay off debt or generate savings for a down payment. Given this reality, Blankenship recommends that would-be buyers consider augmenting their income.

”Think about taking a second job. Or try to get overtime at your regular job, assuming overtime is available,” he says.

Conserve funds by limiting your wedding costs.

Kristin Meador, a real estate broker who often works with young buyers, wrote a book designed to help clients save substantial amounts on their wedding costs, ”How to Have a Wedding Without Spending a Dime: Or at Least Very Little.”

read more at: http://www.chicagotribune.com/classified/realestate/ct-tips-for-a-tough-starter-home-market-20161007-story.html

Disclaimer: for information and entertainment purposes only

 

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