The largest demographic for purchasing a first home lies between the ages of 22 and 38, also known as Millennials. They comprise 38 percent of the first-time home-buying population. They are also different than older generations in that they have different wish lists and priorities and approaches when it comes to choosing and narrowing down their first home.
The first thing is to examine finances to confirm you are, in fact, ready to become a homeowner as opposed to a renter. You should definitely check your credit score and clean up any issues before approaching any financial institution about a loan. Take stock of all your income and expenditures. Do you have enough remaining to pay for a mortgage? Calculate the potential down payment you will be required to make. Keep in mind you will also have innumerable unforeseen maintenance and repair issues when it comes to homeownership. You will also need insurance, money for closing costs, and a moving budget, in addition to other expenses. Make sure you fully do your due diligence before beginning down the path of buying your first home.
Working with an agent might cost you more money, but they are a good buffer when it comes to negotiating deals and making offers. Make sure you check online reviews about agents in your area and be honest about your must-haves vs your wants so they can do the best search they can.
Millennials are being subjected to online media and television on a constant basis, and a lot of content shown is created by influencers trying to sell a product, image, or lifestyle. There are countless DIY and dream home and garden blogs and shows that they want to emulate, they tend to approach a first-time home buying experience with delusions of grandeur and visions of beauty and/or technological features that are not really practical. Often, these lists start big, then start getting smaller as they begin picking and choosing their most sought-after priorities until they eventually narrow down their choices to something more feasible. Anyone with buyer’s remorse will tell you that It is dangerous to fall in love with something that is outside of your price range. For this reason, the number one tip is to not look at a property with your heart but to look with your head. While it is true that you need to love where you live, it can be very easy to see a home through the tinted lenses of adoration while ignoring red flags like budgetary limits.
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