How to buy a house in your twenties.

Purchasing your first house is something that can seem so far away when you're in your twenties. It might be something you never even think about, but it might actually be closer than you think. I bought a house at 22, and still own that property as a rental today. It goes without saying that you need to be making some money for this to be achievable, but you don’t need to be making over 100k a year. I understand that everyone's situation is unique and not everybody is as privileged as I was, but hopefully regardless of your situation you can get some value out of this list.

Stay at home as long as you can.

Stay at home as long as you can. If you are living with your parents and life is good, don’t rush out of there. You can stack so much money when you’ve got nothing to pay for, but once you have bills like rent, groceries, insurance - good luck saving money. Out of highschool I worked at a skateboard shop for a couple of years which was awesome, but eventually I knew I needed to move on. I started working a trade when I was 20 and kept living with my parents. By the time I was 22 I had over 50k sitting in the bank. There is no way I could’ve saved that money if I wasn't living at home.

Don’t get the car!

Don’t get the car! Or whatever other big ticket item you might be interested in. If you are able to save some money, save it! A big car payment is going to really slow down your savings, not to mention insurance on that new car when you're 21 years old isn't exactly cheap. And the thing about cars and most toys is they typically don't hold their value.

Build your credit.

Build your credit. If your plan is to buy a house or a condo you’re going to need a mortgage. And the bank or lender who is going to give you that money wants to know you’ll be able to pay it back. What they'll want to see is that you have money saved for the down payment, that you have a steady job, and that you’ve got good credit. Your credit score is based on many things but essentially it boils down to: Do you repay your debt? The best way to build up your credit is by planning ahead. Get a credit card and be responsible with it, do not miss any payments and pay it off in full each month. There are lots of different ingredients in the recipe for good credit so the best thing to do would be to talk to a mortgage broker to help you out.

Use your connections.

Don’t be afraid to use your connections. The people you know can be the biggest help in moving you forward and helping you achieve your goals. My job in the trades which provided me with a steady income was obtained with the help of the skateboard shop owner, he was a great connection - shout out to Lyle! My parents that let me live in their house and fed me until I was 22 made it possible to actually save the money I was making. If I had moved out and started paying rent for those two years the outcome would have been very different. If I would have been paying $1250/month for an apartment somewhere for those two years I would have saved $30,000 less than I did. That’s a significant difference!

Make it work.

Do what you need to do to make it work. If a $400,000 house isn’t in the cards right now that is fine. What about a more affordable neighborhood? Maybe a condo is a good place to start? Can a parent co-sign on the mortgage? Maybe you buy a place with a friend and split the bills? Or maybe you do just have to wait and continue saving. There can be creative ways to help you achieve your goals when it comes to real estate. You just have to be willing to figure it out, make it work, and not give up on it. Chatting with a Realtor like myself, mortgage brokers, or just someone that has gone through the process can be a good guide and a tremendous help.