Lessons Learned from Years with Houses

8 Sep    Financial

A Millennial’s Guide to Buying the First Home

For a young adult or millennial like you, one of the most coveted goals in life is to own your own home. It’s basically an integral part of the American dream. But then again, buying a home is a goal that is literally easier said than done. In fact, there is a very small percentage of millennials who rightfully can call themselves as homeowners. Many of them, probably including you, have been living with your parents or renting an apartment all these years.

But at this age, you need to understand that you have all the right to finally make that final push to buy your own home. Here’s a bunch of tips from us for you to begin realizing your dream.

1 – Make a habit of keeping all possible options open.

Contrary to the glory days of real estate and a booming economy, buying a home nowadays is a lot more challenging. It’s really not because all homes for sale are expensive; but it is more on the lack of available options. So if you have been saving up money to buy or pay for down payment on a specific type of home, then we recommend that you keep yourself open to other options because you might end up getting disappointed by limiting your preference.

2 – Double check your finances.

You should know that there’s no sense if deciding to buy a home when you’re not even stable financially. If you are someone who does not have regular means of making money or if you are having difficulties paying your bills, it means you’re not ready to become a homeowner; instead, you need to get your finances in order first. It is important that you show the bank or financing institution that you are capable of bearing the responsibility of paying your mortgage.

3 – Get a pre-approval.

The moment you have your finances in order, it’s about time you determine how much you can borrow. This is crucial because it gives you a clearer idea as to the types of homes you can afford. Search hundreds of different mortgage websites over the web to help you find lenders and get a clearer view of your chances of buying a home for the first time. More importantly, this process leads to you getting pre-approved for a loan. Without pre-approval, you officially can’t become a homebuyer.

4 – Narrow down your options with practicality in mind.

Finally, always remind yourself that in buying a house, there is a corresponding responsibility of paying the monthly dues. Therefore, be practical in your choice and pick one that you can afford to pay for the years to come.