As a millennial, you’re now in that stage of life where you have recently completed college and are in the early years of your professional career. It’s also that stage of life, you no longer want to be a tenant and are considering buying your first home. Some of you may have just started a family, while others may now have a growing family, so it’s easy to think why home buying is a good idea for the long term.
According to the Joint Center of Housing Studies of Harvard University, ‘the number of households in their 30s should increase by 2.7 million over the next decade.’ It’s easy to see why that’s the case as the economy recovers, the housing market improves, and foreclosures return to their pre-crisis levels. That said, buying a home is one of the biggest decision in a person’s life, so make sure you are aware of these 6 factors that may help you make the right choice!
It saves well to be an informed buyer when it comes to real estate. Housing markets around the United States are growing, and economic revival means that qualifying for a home loan is easier if you have a sustainable income. Do some online research and local scouting for homes for sale in different neighborhoods. This should give you an idea of the affordable neighborhoods and pricing trends.
Your budget should not be restricted to how your finances will be used till the next year. You need to make a 5-year budget at least to have a comprehensive idea of how your income and savings are going to be utilized. In case you plan to buy a home in within the next couple of months, make you’re your budget include expenses (other than home buying) like running costs, home maintenance, renovation, and other costs.
There is no point in finding out more about markets that may seem affordable now but will eventually become a burden in the long term. If you are planning to buy a property in an upscale community, you must have at least $150,000 in your savings along with a high income job. On the other hand, you may be able to afford a nice home in a mid-tier neighborhood that may also be close to your workplace and other places of interest. In simple words, consider at least three markets that seem like realistic propositions against your 5-year budget.
Once you have narrowed your search to three potential markets, now is a good time to find out what type of mortgages you can qualify for. Now as a millennial, you may be clearing your outstanding student debt with your income, which naturally restricts you from qualifying for more flexible mortgages.
However, if you are earning a good monthly income, have shown a good track record of making payments, then some lenders may be willing to give you a flexible mortgage plan. Again, the more you find out about mortgage plans in your region, the better the chances of getting one that makes your life easier.
So you know have locked down your hunt to three housing markets, and already have a few homes in sight that suit your needs. What you need to do know is to make a wish list of things that you will be doing after buying the home. Remember that home buying is a big decision followed by a series of other big decisions. These decisions may include renovating, remodeling, or potential resale. So the goal of this wish list is to help you realize what things you want to get done in your home and how they may increase the add-on value of the property.
A realtor will be able to help you buy a home in more ways than one. A professional real estate agent can
When you are finally going to take the big step, saving a few hundred dollars but going through all the hassle of it is not really worth it. Hence, find out an experienced realtor in your local market and prepare to finally become a home owner!
Give us a call today at 720.260.4461 or 587.800.1213 to let us know what YOU need help with! D Gees Homes & Realty has the experience, know-how, and infrastructure to offer you great opportunities in your real estate endeavors, whether you need to sell your house, a new rehab project to work on or would like to learn about other options.
Please call us today at 720.260.4461 or 587.800.1213 if you’d like to learn more about the real estate services that we offer.