If you are a millennial and you are thinking of buying a home, now may be a good time to invest in a home. Your local real estate agent will be able to help you understand the market and find homes that fit your specific needs and wants. This is a huge financial decision so prepare yourself and your wallet!
Interests rates have hit a 14 month low in March. If you have good credit you may be pleasantly surprised regarding how much you are pre-approved for regarding a mortgage. Millennials who have a good job have a leg up in the home buying process.
Investing in a home versus renting gives you greater benefits. Think about buying a home that you can be in for 5 or more years. If you enjoy renovating and putting your fingerprint on a home, then consider buying a home that needs updating. You may also find homes that are outside your price range but have been sitting on the market for a considerable period of time. Your real estate agent will guide you about the value and recent comparable sales in the area.
Make sure that you are comfortable in the neighborhood that you have chosen and that it meets your needs. Drive through the community during the day and also get a feel of what it is like a night when people may be commuting home from trains, buses and cars. It may worth scoping out the following: grocery store, parks, school, recreation center, transportation, shops, etc.
You need to speak to you real estate agent about hidden costs or costs that can occur once you purchase a home. You will need to save up for property taxes, insurance, closing costs and anything that your inspection report found that you either need to replace or know that it needs replacement down the road. You may have a water heater that needs replacement and you don’t want to wait until it leaks or that you’re A/C or heat fails when you need it the most.