For most, living with their parents after college appears to be a cheaper alternative to living alone. But parents are not always excited about the prospect of having their adult children crashing at home rent-free.
Realtors and an interior designer explained the process of buying and decorating a home during an SAB-sponsored presentation, “You Can’t Live With Mom and Dad Forever,” Nov. 2 in Hyde Hall.
Becky Ismail and Kim James, Newburgh ERA First Advantage realtors, and interior designer Kim West spoke with about 25 students on every step from finding the right realtor to decorating on a budget.
James said the first thing one should do when preparing to buy a new house is find the money.
“Whenever you’re buying a home, you’re buying two things,” she said. “The first thing you’re buying is the money, especially if you’re young and borrowing 100 percent, you need to shop that price.”
If buyers do not have much money, like many new graduates, James said the seller can be asked to pay closing costs.
“You’re financing [the seller],” she said. “You’re paying for [the house]. It’s very common, and it’s not a bad thing. We do it all the time.”
Ismail advised buying instead of renting a house.
“Whenever you’re renting, you’re helping the landlord get equity on his property,” she said.
Once buyers have found the house they want, they have several options. Ismail said they can either buy the house as is or ask the seller to repair things that are wrong. This is another area of purchasing a home when a realtor might prove helpful for inexperienced buyers, she said.
“I encourage them to use a realtor,” Ismail said. “Let a realtor negotiate those contracts.”
After buying the house, most new homeowners want to decorate to reflect their personal style. West told students how to work with an interior designer and gave advice on how to decorate within a budget.
“I don’t think you have to spend a lot of money,” she said. “You can make things nice with a limited budget.”
Above all, students need to have an idea of what they want when buying and decorating a house.
“You always have to have a plan,” she said. “You have to have a goal where you’re going.”
