…which should give those of us in the gig economy a modicum of encouragement that we probably won’t be renting forever…probably.
So, what should freelancers do to make themselves home ownership-ready? According to this recent article on Realtor.com, they should clean up their credit, have a good working history, buy cheap, get pre-approved, and save enough cash to put 20% toward a downpayment. Well, it almost seemed doable for a second.
These are all solid, common sense suggestions for anyone looking to buy a home for the first time, but in terms of saving money for a down payment, the writer, who works as a freelance writer and purchased her first home in the Catskills, says she managed to amass an “impressive savings, largely due to my frugal lifestyle. For instance, I was driving a free hand-me-down car and rarely ate out.” More accurately, the author likely had never had a major catastrophe or health issue befall her, since most of us who are broke freelancers can’t afford to eat out and weren’t handed a free car. Nevertheless, we agree with the suggestions to seek pre-approval and mortgages from from credit unions and smaller banks who are more likely to work with homebuyers on an individual basis.
Regardless, you better start saving those pennies for a downpayment. If you have some cash in the bank, take a look at this stylish Victorian located in the Greene County village of Athens. Could this be your new first home in the Hudson Valley? Turns out, it’s doable, after all…