A Millennial’s Guide to First-Time Home Buying

These days, we are seeing younger and younger people interested in purchasing a home. Many argue that it’s more cost-efficient than renting, while others say it’s simply that they want more privacy and control over their space. But there are a few things to consider when you’re looking to buy. Check out these tips to get you thinking:

Don’t Give in to Temptation
It may be tempting to find the biggest, most attractive house on the block, but bigger is not always better. It’s important to note that whereas larger homes are becoming more affordable in this market, buyers are preferring to go smaller with their purchases. So when it comes time to resell, chances are you’ll have an easier time with a quick, hassle-free sale.

Prepare for Property Taxes and Closing Costs
These payments are also part of the process. Millennials buying their first home will often take on a side job or try to clock some extra hours to get more money in their banks to account for these fees. It’s a good idea to throw every bit you can into savings, however you can make it happen!

Don’t Overlook “Sleeper Costs”
This may seem like a no-brainer, but sometimes home buyers are simply thinking about the monthly mortgage payments. However, there are various other expenses that go into buying a home: utility bills, cable and phone hookups, and even Homeowner’s Association fees. Newer homes especially are frequently part of an HOA, and these fees should be factored into your monthly payments, too.

Partner with an Agent
When it comes to buying a home, why go it alone? By choosing a realtor who keeps up with the latest market trends, you’ll have expert guidance from someone who’s familiar with the home-buying process, can communicate well with sellers and their realtors, and are often aware of homes coming up that aren’t even on the market yet. This takes the worry out of the process, so you can enjoy the milestone of home-ownership!

If you’re looking to purchase a home, or even just want more information, contact the Michelle Chase Team today.