Born in the 1980’s and 1990’s, Millennials, also known as Generation Y, have for a long time put off buying a new home mainly because of economic reasons. All of that’s changing now,
TOP 6 TIPS FOR MILLENNIALS TO GET THEIR FIRST HOME IN BUFORD GA
Born in the 1980’s and 1990’s, Millennials, also known as Generation Y, have for a long time put off buying a new home mainly because of economic reasons. All of that’s changing now, with more and more millennials becoming financially independent and looking to their first home as a stepping stone towards stability. If you are a millennial who has been contemplating the idea of getting a home, then here are a few tips to consider.
Take A Close Look at Your Finances
Unless you are going to pay cash, you need to get prequalified for a loan. This should be done even before you comb the local listings in search of a home. The good news is the prequalification process is easy and can be done online or over the phone, whichever is more convenient for you. It is important to make sure your current financial situation and your credit history are both in good shape since these are going to be the two main factors that the lender will look into before qualifying you for a loan.
Define Your Goals
You will also want to consider what your goals are. Why are you purchasing a new home? Where do you want to live? How much of a mortgage payment can you afford? It is going to be important to educate yourself as much as possible before you sign on the dotted line. Being honest with yourself and taking a closer look into your current financial situation will help you determine what your goals will be.
Check Mortgage Interest Rates
Many millennial buyers have found out the hard way that waiting too long to buy their first home was not a smart decision. Mortgage rates have begun to inch higher and market experts believe that this trend is going to continue as the economy improves. While there is no way of knowing how much or how quickly interest rates will increase, just know that waiting too long to buy your first home could result in you having to pay a higher mortgage interest rate.
Seek Professional Advice
Even if you consider yourself to be a savvy buyer, purchasing a new home is a big decision, which means you are going to need all the help you can get. To ensure you don’t end up with consequences you are unhappy with you will need to find an experienced realtor and lender in your area to learn more about the real estate market. Having a trusted realtor and lender by your side will give you valuable insight into current market trends and pricing. This will allow you to make a more informed decision when the time comes to make an offer on your dream home.
Identify the Money Pit
There’s nothing more disheartening than buying a new home only to find out that you’ve purchased a money pit! This can happen to young adults who lack representation and don’t invest the time and money into having a professional inspection done on the home. Rely on your realtor to help you figure out which areas of concern need to be addressed prior to your purchase and which items can wait until later to be addressed.
Negotiating the Price
Finally, you’ve found the perfect home and you can actually see yourself living in this home. Negotiations with buying a new home will be one of the most important negotiations you are going to make so it’s important to save your excitement for later. You must be able to negotiate based on knowledge rather than emotion.
Negotiating the right price is an art and your real estate agent will help you through this process.
So, there you have it. There are many real estate choices, from townhome communities to single family home communities, in the city of Buford, GA and surrounding cities such as Sugar Hill and Dacula as well. The process of finding and purchasing a home can seem daunting and stressful for millennials but with the right real estate agent by your side, it can also be an exciting and fun experience as well. There’s nothing we enjoy more than seeing the smiles on our clients' faces when they receive the keys to their new home!