- 5 years ago
Hi Bees! My SO and I moved in together in August of this year. Even though it hasn’t been long, so far everything has been great! We’ve both enjoyed living on our own for the first time, we have been doing pretty well with finances, and everything seems to be working out well for us.
I’m currently finishing up my last year of college, and he just graduated last May, so we’re on a budget, but we are making ends meet with some money left over afterward. After all of our bills for the month we have about $1,200 a month left. Recently, we’ve been talking about when we will buy our first home. I like the apartment we are in, but at $1,000 a month I just can’t imagine basically throwing that money away for more than a few years.
I was wondering if any bees had any advice for saving and getting prepared to buy a home within 2-3 years. I’ve tried doing some internet searches, but a lot of the financial stuff is so confusing when it comes to home buying! How much money did you put down percentage wise? Besides the cost of the down payment how much did you spend on other expenses such as the closing costs? How did you raise your credit score? We’re obviously quite young (20 & 22), so we haven’t had credit cards that long. I have four open cards that I pay off in full each month, and he has two. One he pays off in full, but the other he is working down from a higher balance at the moment. I think my credit score is in the high 600s-low 700s.
Any advice other than answering those questions is also welcome! Especially from younger buyers who had to build everything up quickly! Thanks 🙂