Should Millennials Buy Homes?

Contrary to popular belief, a good number of millennials want to move from renting to homeownership. Many of the factors preventing millennials from buying homes arise from a lack of knowledge. With the right information, these young people can make the smart move of buying their own homes. What do millennials need to know about the real estate market?

Consider a few issues

young woman with house keysBefore making a decision to buy a home, it’s important to consider how long you plan to live in that area. If you’re planning to move within the next few years, buying a house isn’t a sound investment. You should also be aware of the real cost associated with owning a home, which includes upkeep and property taxes as well as the mortgage.

Find out your credit score

Whether or not you qualify for financing for buying a home will depend on your credit score. Get a report on your credit score, and look out for any errors or changes in the information as you search for a house. Better credit scores will help you to access more financing.

Start saving for the down payment

Before you take out a mortgage, most lenders will require you to have a certain amount for a down payment. If you do not have enough money saved up, you should start saving towards meeting the set amount.

Don’t postpone home buying

Most millennials postpone buying their own homes, believing that they cannot afford it. Following these steps will make the process of acquiring a home much easier. A mortgage calculator will help to establish how much one will pay in monthly installments.

Before you start searching for a home, ensure that you have prequalified for a mortgage. This help you determine what type of home to look for. At The Premier Group we offer the best advice to help you find a home in Woodstock.