6 Tips for Millennial Home Buyers
Posted by Louisville Realty Group on Monday, February 3, 2020 at 3:12 PM By Louisville Realty Group / February 3, 2020 Comment
In 2019, millennials made up 37% of all home buyers in the United States and that number is looking to rise. As more and more millennials decide to settle down and start considering buying a home, it’s important to know the best way to go about it. Here are 6 important tips for this new generation of home buyers:
- Make Sure Your Finances Are in Order: Before you begin to look for a new home, be sure that it’s financially viable for you. Buying a home can be an expensive process, so you want to make sure you can afford it and still enjoy the lifestyle you want. Saving up money is important, especially saving for a down payment on a house, which can help show potential sellers that you are serious about purchasing.
- Choose the Right Realtor: Buying a house can be a daunting process, so you want to make sure you have someone in your corner. Finding a realtor that knows what you want and is easy to communicate with will make the search for your first home so much easier. The right realtor will help you find the home that’s perfect for you.
- Find a House You Can Afford: When house hunting, it’s imperative to stay within your means. It may be tempting to go outside of your budget when shopping for a home, but staying within that budget will keep you out of debt and help you save money. Those savings can be applied to any unforeseen costs or used to furnish or improve your home.
- Think About the Long Term: It’s important to think about your future, especially when buying a home. During the search for your new home, keep in mind your plans for the next couple of years and find a house with room to grow, especially if you’re planning on having a family. Finding a house with extra rooms for children or space for a home office can help you prepare for your future.
- Attend Open Houses: Before you buy a home, see what it looks like in person and learn as much as you can about it. Open houses offer the opportunity to explore every inch of a house, inspect it for potential problems, and really get a feel for the place. Also ask a lot of questions, such as the dates of any renovations or the history of the house. By going to an open house, you show you’re serious about buying a home and allow yourself to make an informed decision as a home buyer.
- Find the House That’s Right for You: While it’s recommended to stay within your budget, it’s equally important to pick a home that’s right for you and your lifestyle. Do you entertain guests often and need a formal dining room or a finished basement? If you like to grow your own organic food, is there space for a garden? A new home is a long-term investment in your future, so it’s imperative that the house you buy is a good fit for you.
If you’re a millennial ready to enter the home buying market, it’s key to be educated on what to do and what to avoid when looking for a house. Buying your first home is an exciting journey and being prepared can help you find a home that’s perfect for you. We hope this article has been a valuable resource to help get you started.
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