Stepping into the world a young graduate from Towson University, Randel was ready to build his dream life. Counter to the trend of many millennials in his generation, Randel has set out to buy his first home and launch his own business. With an ever-increasing amount of young people choosing to rent property over own it, Randel was navigating the housing market alone.
In anyone’s life, buying a first home is a monumental milestone. A home is not only a place to raise a family, but it’s also a large investment that can be tricky to navigate. If one lacks a thorough understanding of how to maximize the investment of purchasing a home, first-time home buyers stand to lose thousands of dollars if they aren’t careful. Luckily,United Way of the National Capital Area (United Way NCA)funded Financial Empowerment Centers(FEC)offer workshops and mentorships on home buying 101.
“Coming from a background of renting for the most part, and going into the field of owning your home, there’re a lot of tools and different things you’re not aware of,” shares Randel.
Through the FEC at Prince George’s County Community College, Randel got access to a series of workshops targeted at coaching first-time home buyers through the process of making an educated purchase. During the program, participants are taught about selecting mortgages, interest rates, and handling property taxes that fit within their financial situation.
The workshops and financial coaching offered at the FEC are geared at getting first-time home buyers like Randel the resources and information they need to make smart choices when it comes to housing. The FEC’s services are open to all individuals who seek them regardless of income bracket for no cost. Among workshops like first-time home buying, United Way NCA Financial Empowerment Centers offer business ownership workshops, financial coaching, tax preparation and workforce development.