While Millennials – those who were born between 1982 and 2004 – account for a significant share of recent home buyers, the reality is that today, the rates of home ownership for people who are under age 35 still remain at their lowest level in decades.
For some, income may be an issue. But for others, just the fear of taking that next big step could be the primary obstacle to moving forward. But, with so many great advantages to owning your own abode, here are some tips to keep in mind that can help to make the process much more comfortable.
Determine Your Budget Parameters
It is true that buying a home may be the biggest purchase you will ever make. So, with that in mind, you need to be sure that you are considering properties that are affordable. In doing so, talk to a bank or lender in order to set your financial parameters.
Sooner Rather than Later Can Be a Benefit
Although waiting to purchase may make sense if you could be taking a job in another area, if you plan to stay put for a while, then purchasing a home sooner rather than later can be a real plus.
One reason for this is because you will be able to begin building equity in your property. In addition, while interest rates are still at historical lows, you may be able to lock into a mortgage rate that is extremely competitive.
Get Good Advice
If you are considering taking the next step to owning a home, it can help to have the guidance of an experienced real estate agent. That is because a real estate professional can not only help you to find the ideal home, but will also be able to walk you through the entire process and answer any questions or concerns that you may have.
Need to know more? Contact Us and we can provide you with all of the details on how to get started, and for what to expect going forward.