My co-worker just hit 30 and bought a home in DC's Adams Morgan. I'm super happy for him, and a part of me is like "I can do that". I should do that. I'll be in Baltimore for the next 5 years at least; renting seems like such a waste. I've been all up in his business to figure out his approach, and he's been nice enough to share.I have a plan.
Move into previously mentioned super dope, but reasonably priced apartment with roommate, saving an extra $300/month. Spend a year saving and scrimping. Take a loan out against my surprisingly healthy 403(b) retirement account for a down payment. At Howard you can take out up to half of the balance of your 403(b) for your first home. That includes the money the employer put in. That is HUGE! It works especially well for me, HU is very generous with retirement and I match them. I'll have everything paid off well before I hit 65. I learned that bit of information recently, and it's put home ownership well within my grasp.
I also plan to take advantage of the wealth of first-time buyers resources. The researcher in me has worked overtime to find out what's out there. I'm building an impeccable credit score--I'm shooting for 800. Watching the market, picking the brains of people that have purchased in the recent past, finding a good Realtor and getting ready for the ride, all that good stuff.
That's the plan.
It starts with a move, which will be happening in the next couple of weeks. It means a hard check on spending--no unplanned traveling, just a couple trips abroad, and minimal shopping. Bummer. I can do that though :)
Get ready party people! My place is going to be super extra dope! Everyone thinks that, right? lol! I'm excited. My own place, in a major city, at 28. That's the dream.
Hugs and kisses,
Bethany
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