Learn how low down payment loans and house-hacking are helping young buyers today.
Buying a home in San Diego before you turn 30 might sound like an impossible dream, but it’s actually more achievable than you’d think. Many young buyers are breaking into the market by getting creative and using smart strategies to make homeownership a reality. Here’s how young buyers make it work:
1. Low down payment purchases. The first method is a low down payment loan, like FHA or conventional loans, which only require as little as 3% down. This means you don’t have to wait to save up a huge down payment. Many young buyers start with condos or smaller homes that fit their lifestyle, using these loans to get in the market quickly. What’s great is that these properties often gain a lot of equity within just a few years, allowing them to upgrade to larger properties down the line.
2. House-hacking. Another popular method is house hacking. If you’ve got a friend who also wants to invest, you can buy a property together, and each of you can live in one of the rooms while renting out any extra rooms. This approach allows you to split the costs and have someone help pay down the mortgage.
3. Multi-family properties. The third option is to buy a multi-family property, like a duplex or triplex, where you can live in one unit and rent out the others. Buyers may find this strategy beneficial for covering mortgage payments while also building equity.
If you’re a young buyer ready to make your first step into San Diego real estate, these options could be your ticket to achieving homeownership. To learn more or to get started, reach out at +1 858-461-9665 or email sean@mysddreamhome.com. Let’s make your homeownership dreams a reality!
