Tips for Millennials Who Are Ready to Buy a Home
With numerous financial hurdles such as significant student loan debt, sluggish wage growth, and soaring house prices, it has become very tough for millennials to get on the home ownership bandwagon. However, there are still several ways that young adults can forge paths to buying a home.
If you’re in the 18-35 age bracket and considering purchasing a home and moving, the following essential tips will be of great benefit.
Tackle Your Debts ASAP
While overall consumer debt is relatively stable, student loan debt keeps increasing year after year and is now approaching $1 trillion. Unfortunately, many millennials have a limited capacity to save for a down payment or pay off their debts. Cutting debt is mandatory if you’re looking to make any financial progress. An excellent way of doing that is by augmenting your income. Consider working overtime to get extra pay or take a second job.
Identify Your Motive
Why do I want to buy a home? You should ask yourself this important question before starting the purchasing process. If you’re not planning to have a family soon, you could settle for a small home that fits you. If you want to start a family soon, you probably need a yard where kids can play in. If you’re looking to buy a house for investment purposes, you’ll need to understand all the immediate and long-term costs involved, such as improvements and maintenance. Although the funds you use will change into equity, you’ll only get that profit when selling the house several years down the line.
Choose Location Carefully
The house you buy should be in a neighborhood that corresponds to your lifestyle. Are you the life of the party? An area with a lively social scene will be perfect for you. Are you a busy professional? A quiet neighborhood will be a great choice. A good school district is an excellent option for your future kids and a single-family or multi-family investment property.
Work With a Professional
While it’s important to browse the internet for property listings and information, it shouldn’t replace actively seeking help from a real estate agent. If you find a trustworthy agent, you’ll greatly benefit from his or her wealth of knowledge and experience. He or she will make the home buying process much easier than it would have been had you decided to go it alone.
You should neither rush through the home buying process nor take it lightly. Despite the quick flow of information today, a home purchase still requires lots of research, time, and due diligence. As a young homebuyer, avoid feeling pressured by competitive bidders or emotional attachments. Take the time to look at as many houses as you need to get that one that will be perfect for you both now and in the future. Remember there’ll always be another home available.
Don’t Skip the Home Inspection
Whether you’re buying an old home or new construction, a home inspection is essential to making sure your home is safe and worth what you’re paying for it. You can hold a seller accountable for any defects and critical repairs before putting pen to paper. Problems discovered shortly after moving into your new home can cripple you financially.
With these tips in mind, you’ll be able to find a home you’ll love. When that exciting time to move into your new home comes, you’ll need to look for professional movers who’ll make the process much simpler.
Since 1997, Movers N Shakers, a Bay Area moving company, has been helping customers pack, move, unpack and store their valued possessions with the greatest care and precision. Whether you’re moving to, out of or within the Bay Area, across the country or even overseas, you can count on us to deliver a worry-free moving experience. Give us a call at 877-797-4253, and we’ll be happy to help with your packing, moving and storage needs.