5 Tips For Millennials When Buying A Home
Keep These Home Buying Tips Close!
Author: Nate Tauferner
The housing market can feel intimidating for first-time homebuyers, especially Millennials. But it doesn’t have to be. Here are some tips to help you find your dream home.
1. Determine what you can afford.
Before you start looking at houses, you need to know how much you can afford to spend. You will need to consider your monthly expenses and your down payment savings. It is important to be realistic about what you can afford so that you don’t end up in over your head financially.
To get a good idea of the expenses incurred while actually purchasing a home and what level of savings most financial institutes will want to see, you should reach out to a good real estate agent in your area, for some location specific advice.
2. Start early
If you’re looking at homes that are already on the market, start as early as possible. You may be under the impression that buying a home is a quick, one-day process, but in reality, it’s not. This is especially true if you’re hoping to get a good deal on the home by waiting until late in the game.
3. Factor in your long-term plans.
Are you planning on having kids? Do you want to stay in your home for a while or do you think you’ll be moving again within the next few years? It’s important to consider your long-term plans when buying a home, as they will affect which type of home is best for you. For example, if you plan on having kids soon, you’ll need plenty of space for them; if you know you’ll be moving again soon, it might make more sense to rent instead of buy. Plan on settling in for the long haul? Consider investing in trade tools from Stonex to bring a personal touch to your new home’s landscaping, tiling and more.
4. Don’t feel pressured
Don’t ever feel pressured to buy a house or sign an agreement because of your age or the length of time you’ve been looking. If you don’t see anything that’s right for you, wait it out. Chances are, you will come across something that will make you feel as if it was made for you.
5. Don’t skip inspections!
Inspections typically take place during an agreed-upon option or feasibility period. The housing market is competitive, there’s no doubt. Some buyers have started to throw out the option or feasibility period in order to make their offer stand out. However, this does not mean a buyer gives away their right to have a professional inspect the property. It’s important to know what defects a property has before moving in.
PropertySpark was selected by Redfin as a top financial expert! See the article we were featured in: Inflation and House Prices: What Homebuyers, Sellers, and Renters Need to Know.
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