Now that home ownership is slowly starting to increase within the millennial generation, it is important to address pointers to know before purchasing their new home. Below are a few vital tips:
- Figure out your budget. Before you begin shopping for your dream home, speak to a mortgage professional who can tell you exactly how much you can afford. Your monthly payment consists of not only the mortgage, but also interest, insurance and tax.
- Your down payment. This is a misconception for most first-time home buyers, not just millennials. You don’t have to put 20% down to buy a home, there are other loan programs that require as little as 3% down. Your mortgage professional can also help you figure out the best loan option for your financial needs.
- Make the location a priority. Instead of searching for the largest home within your budget, look for the best location. Your commute to work, your proximity to local grocery stores, schools, restaurants and other necessities on your list.
- Hire a Realtor. This is just as important as getting pre-approved by a mortgage professional, and the most reliable way to pick the right one is by speaking to your family and friends who can recommend a good realtor. Not only will a real estate agent handle the home search, they will go over the process in detail to make your experience as smooth as possible.
- Get a home inspection. This is absolutely necessary, and could potentially save you the costs of expensive repairs in the future. If you choose to skip this process, any issues that arise after the purchase are your responsibility.