I am so excited to introduce Meg from the lifestyle blog, Margaret Paige, for a guest post on homeownership. She is currently in the process of buying her first home so we decided to team up to share both our experiences. You can check out my interview on her blog here! Take it away, Meg!
I’m Meg, a 24-year old Marketing guru who loves to share fashion and advice on my lifestyle blog, Margaret Paige. I currently reside in small town Nebraska. I love online shopping, farmer’s markets, and am currently house hunting, which you’ll hear about today! Follow along on my blog at www.mpronspies.com!
Describe your life situation when you decided to buy:
After graduating college with a business degree, I realized how much money I was “throwing” away in rent. Living in Chicago, over 50% of my paycheck was going toward my 1-bedroom apartment, which wasn’t healthy for my budget. When I moved back to Nebraska, I vowed to be more financially conservative. Here I am today, 23-years-old, and I’m at a point where I can take on the commitment of buying a home, staying in the same place, and starting projects! I’m single and debt-free, and I’m at a place in life where I want to own my space.
Where are you currently at in your home buying process?
I’ve been house-hunting for about 5 months. Unfortunately, it’s a seller’s market (which means all houses are priced high and will benefit the sellers versus the buyer), so I’m at a bit of a stand still. I’m waiting for something priced decently in the area I want. I’m looking to buy outside of Omaha, and there are less than 50 houses for sale in the market I want. If you could say some prayers for me that the right place will come up, that would be great!!
What made you want to buy a home?
As mentioned, when my rent was over 50% of my paycheck, I knew it was time for a mortgage. I also am financially independent and ready for SPACE. The idea of having my own office that is not a desk in my bedroom is amazing.
What held you back from buying a home?
Timing and location. I wouldn’t buy a home unless I was SET that I was going to live in that location for a long period of time, or I knew the resale value was high.
What do you think are the biggest benefits of buying vs. renting?
Obviously, there is the customization factor. You can change anything you’re unhappy with. I think the biggest benefit is the financial situation and knowing a home is YOURS.
What was the scariest part of buying a home?
For me, it’s doing it on my own. A lot of times the first home you buy is as a couple, but I’m a single gal who knows she can do it independently. I think knowing it’s all on me is a big deal!
What is the most exciting part of buying a home?
I LOVE touring homes! I started watching House Hunters on HGTV when I was like, 8 years old. I love seeing details of different spaces and thinking of how I’ll incorporate those details into whichever home I choose!
What is the most frustrating part of buying a home?
The market. Holy toledo, having not a lot of houses to pick from sucks.
What should you avoid when buying a home?
Any projects you can’t take on. Don’t think you’ll be able to afford and customize everything. I’ve also learned to be really picky about anything electric or gas lines. Learn as much as you can!
Your advice for millennials currently buying a home:
As millennials, we have that “we can have it all” mindset. Don’t take that too literally. You probably cannot afford the kind of house your parents live in, and you may not be able to have all the space you imagined. Don’t bite off more than you can chew.
Your advice for single women currently buying a home:
You go girl! #Bossbabes, unite. Making independent decisions like that is a big win. Be sure to have any homes you’re into properly inspected and stay under your limit. Don’t be afraid to ask for help. Also, be sure your realtor is on your side and not just trying to make a dime. If they’re a good realtor, they’ll tell you bad things about a home, as well as good.
Weirdest/funniest thing that happened during your home shopping experience?
This is more of a learning experience story. When I went to meet with my mortgage lender for the first time, he ran a background/credit check. We learned from a balance error (I was like why do I owe X amount of money, what!?), that my mom had never taken me off her credit card as an authorized user. I do not have any cards from my parents, so I was surprised to learn this! Luckily, she was able to call and have me removed, but if your parents have ever given you their card for emergencies and you’re a user, make sure they know to take you off! (In all honesty, she probably helped my credit score since she has such good credit & pays large amounts off monthly 😉 )
Isn’t Meg the best? Fingers crossed she finds her dream home soon! We have been sending houses for sale back and forth in her area for the past few weeks. Again, you can check out my interview on her blog here.
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I (and Meg!) also love hearing your comments and questions – comment below and leave us a note! 🙂