file photo of a beautiful Ridgewood home
Low prices and favorable interest rates make it easier for young people to buy a home
SUNDAY, SEPTEMBER 9, 2012
BY VIOLET SNOW
SPECIAL TO THE HERALD NEWS
THE RECORD
Colin Schmitt is considerably younger than the typical home buyer. He started a lawn mowing business in his River Vale neighborhood at the age of 13, and this year, at age 21, he bought his own house.
With low prices and favorable interest rates, the current real estate market is ideal for young people purchasing their first home. Another help for young buyers is the FHA loan, which allows a down payment of only 3.5 percent of the purchase price — but borrowers may have to take responsibility for inspection issues.
As captain of his high school football team, which reached state-level competition, says Schmitt, “I learned discipline and learned to work hard.”
He went on to study horticulture and landscape design at Bergen Community College, registered his business as a limited liability company, and built it up to about 70 accounts.
“I had so much equipment at my parents’ house, I had to move out,” he explains. “I also liked fixing things up on my father’s house, which raises the price and property value.”
As he became aware of the money-making potential of his construction and repair skills, he started looking at homes for sale.
At an open house last fall, he met Elena McLean of Coldwell Banker in Hillsdale, who guided him through the buying process.