Millennials make up the largest segment out there in the house buying market. According to the data provided by the National Association of Realtors, last year, this cohort of homebuyers accounted for 37% of all buyers, and they have been the most active generation of house buyers for the past 6 years straight.
Millennials bring their own unique needs to a real estate transaction and have their unique considerations, such as student debt, that wasn’t such an issue for the previous generation of homebuyers. Therefore, for their unique needs and consideration, below are some useful home buying tips for millennials to help them with their home buying quest.
Determine Your ‘Must-Haves’
Prioritizing is the first step you should start off with. This means determining a list of “must-haves” in your potential new house. It will make the entire house buying process a lot easier for all the parties involved in the process. In fact, your agent would really appreciate it if you could provide them with a list of things and features that you must have in your new house. It narrows the search down and saves everyone involved a lot of time.
Furthermore, this keeps you from overspending when buying a house. It is quite natural to get carried away emotionally and fall for house features that you have absolutely no need for. This list doesn’t have to be a word set in stone; you can always make changes to the initial one after you’ve visited a few homes.
It is always a good idea to keep the bigger picture in mind when making a decision as big as buying a home. Buying a home is one of the largest investments you will ever make and one that will most likely stay with you for a long time to come. So, it is crucial that you ask yourself a few important long-term questions when you do.
These questions include: what will your investment be worth five or ten years down the road? Where will your career have taken you by then? Would this be the home you want to start a family in? And is this investment likely to appreciate in the next few years? There are other questions that you should ask yourself, but these cover the basics.
Get Your Finances in Order Before You Start
Finding the perfect property with that perfect porch or that amazing backyard is something that will come later; you must first sort your financial options before you do anything else. Figuring out what your financial options are and deciding on which one best suits your needs is what you should get out of the way first thing.
This will place you in a firm position to go out and shop for the best property. The millennial buyer, who doesn’t have a noteworthy financial history, needs to explore their unique lending options before setting out on his or her house buying quest. Banks may not be the best lending options for such buyers.
You can always consult your buying agent on these issues to guide you when it comes to the best financing options. In most cases, they will be able to connect you with a lender that best suits your particular financial needs.
If you’re looking to buy a house anywhere in Orlando, Florida, you can acquire our dedicated services to make thoroughly informed decisions throughout your house buying journey.