Unique Challenges of the Millennial Home Buyer

Unique challenges of the Millennial Home Buyer

Are you hoping to be a Millennial Home Buyer this year? Now is the perfect time to buy your first home. Here are some helpful tips to point you in the right direction if you’re just starting out. And if you’ve been shopping for a loan but not making progress, give us a call. We can most likely help you out or at least get you started off on the right foot.

First, if you don’t know by now, your credit score is very important and so is your payment history. If you haven’t established any credit yet, start today. Try not to wait any longer. Millennial home buyers or would-be millennial home buyers might not want to “play” the credit “game” but it’s a necessary step in the process of becoming a home buyer.

Chances are, though, that you do have some credit history because, if you’ve been renting a home, condo or apartment, most landlords require good credit history of making payments on time before they’ll allow you to rent or lease property.

A few more helpful tips

A few more helpful tips to consider as you grow financially are to build your financial planning team with solid professionals.  These include accountants, attorneys, bankers, investment advisors, insurance professionals, and of course mortgage professionals.  The decisions you make are only as good as the advice you are being given.  It helps to think “big picture” or globally when you are shopping for your new home.  When you keep the whole financial plan in mind as you are looking for your new home you will be less likely to have buyers remorse or be house poor after you close.  Lastly, real estate professionals have a saying.  Make your money when you buy your home instead of when you sell it.  Try to buy in the middle range of home prices in the area you are choosing to live.  Buying at the top of the market or the most expensive house in the neighborhood can lead to a disappointing ending when you are ready to move on to the next adventure.

Though we could write a lot more advice, we respect your time in reading this brief overview of home buying tips and hope you’ll contact us or call us.