If you’re a Millenilal, and you’re ready to buy a home, there are 5 things you should consider. You see, some say your generation feels entitled, while others say you’re lazy. However, Millenials are also known to be tech-savvy, educated individuals. And you’re a force to be reckoned with when it comes to today’s world. In fact,, many millennials are considering whether or not to buy a home. And, like every home buyer, they should consider a few important things before plunging into home ownership.
Obviously, you couldn’t make monthly mortgage payments without a regular income. And to tell the truth, you probably wouldn’t get a mortgage without one. Therefore, unless you have a good job history, it may not be your time to buy a home. However, while you work on building your resume, you also can build your financial profile. That way, you can be fully prepared to apply for a mortgage when the time becomes right.
Good Credit Score
Another big part of your financial picture is your credit score. In college, you were probably inundated with every available credit offer. By accepting one or two credit card offers and using the cards responsibly, you may have begun to establish your credit history. However, if you accepted every offer and accrued high balances on each card, you could be in some trouble when it comes to buying a home. Get familiar with your credit history if you think you’re ready to buy.
Many buyers feel the need to save 20% of a home’s price. While many down payments are less, buyers still need to bring a considerable down payment to the table when purchasing a home. However, the down payment isn’t the only money you’ll need to bring to the closing table. Closing costs can be a significant part of the required cash. Here’s a related blog post.
Is It Time?
Many millennials are just beginning their careers. Ask yourself whether or not you feel ready to settle down and stay in one place long-term. I’m not suggesting that you have to stay in a home forever. However, it may not be a wise decision to buy a home only to leave after a few years. Home ownership may not be right for you if you are the type of person who likes to pick up and move to a new place on a whim.
What Type of Home?
If you have all of your ducks lined up, it’s time to ask yourself what style of home is right for you. And here you need to think of both the short-and-long-term. A single millennial buyer may find a rise studio apartment in the city is an ideal location. However, if you can see yourself with a spouse or family in a few years, consider renting that perfect bachelor pad. Because soon, you may be thinking more of a single-family home in the suburbs! Look at the big picture before picking the home that’s right for you.
If you’re a millennial buyer who has considered these five questions, you may be ready to buy a home! You’ll need the services of an experienced Realtor to help you through the process. Call us, Bunny and Art Reiman. We can help you like we’ve helped hundreds of others purchase their perfect home.