RECAP: Buy A Home By 25

For last week’s “Workshop Wednesday,” we invited two people from Century 21 Scheetz to speak bright and early in the morning—explaining how our Indyfluence interns could potentially buy a home by the time they’re 25 years old. One of our guests, Haley Wright, is a Marketing Team Lead at Century 21, and she just recently bought her first home—you guessed it— before she turned 25! Because of her recent experience, all of the tips and tricks that helped Haley are still fresh in her mind, and she gladly shared that information with our interns in a way that was relatable and extremely useful!

Haley went to college in Ohio before she moved to Indy for her first job—a city that Good Housekeeping named one of the best places to live for first-time homeowners. Our second guest, Annie, explained that one of the major reasons for that ranking is the low cost of living here in Indianapolis. 

Then, they began their presentation with a question for the interns: “What percent of students graduate with student debt?” Various guesses were thrown around, until the answer was finally revealed: 68%! With this huge number in mind, Annie and Haley told the interns that the focus of this workshop would be teaching interns how to manage their debt so they can still buy a home by 25.

WHY YOU SHOULD BUY

First, they explained the financial difference between buying and renting a house in Downtown Indy—breaking down the three main reasons why it’s actually better to buy a home. The first reason is that it builds equity. After all, when you pay rent, you’re paying the landlord, but when you buy a home, at least a portion of each payment goes to you by means of investment. The second key fact they shared was that there are actually lower down payment options available. In fact, you can put as low as 3% down on a home in some circumstances! Finally, they talked about how buying a home actually lets you customize your space, something that’s not allowed while you’re renting.

HOW TO DO IT

After explaining why buying is a better option, they shared how interns can accomplish this early on in their careers! The first step is to build your credit score. And then, you should educate yourself on what you can reasonably afford. Haley told interns that when she decided on a place, she reached out to an expert for advice on her  budget. She also reminded everyone that, “Just because you can afford a $200K house, doesn’t mean you should buy one.” Finally, they shared the importance of keeping your expenses and priorities in check. One of the easiest ways the interns can do this is by always paying off their credit card at the end of the month.”

Below are six other quick tips that Haley and Annie shared on how to best prepare for the homebuying journey:

DO’S & DON’TS

To end their workshop, Haley and Annie shared three major Do’s and Don’ts of homebuying! First: “Don’t go at it alone.” You should get a realtor to help you through the process. Second: they advised not to overextend your monthly expenses, ensuring that you stay comfortably within your budget. Finally, they told our interns not to stress—and to always plan ahead to help decrease that stress! 

We were very happy that Haley and Annie were able to speak to our Indyfluence interns, helping them on their journey to becoming a full-fledged homeowner! Hopefully, as you start your careers, you’ll be able to find your perfect home here in Indy!