Millennials have notoriously been lagging behind previous generations when it comes to homeownership. However, things are changing. Millennials are now driving the home market. For several years in a row, Millennials have made up the largest group of homebuyers, at 34%. If you are a Millennial looking to buy a house in 2018, you should make the following points your top considerations.
The main reason Millennials have put off buying homes is because of their financial situation. Millennials are notoriously not as financially well-off as their parents and it has impeded their ability to buy a house. Millennials looking to buy a home in 2018 need to make sure they are ready for such an important financial step.
There are numerous financing options that can make buying a home easier for Millennials.
FHA loans in particular, with down payments as low as 3.5%, are good deals. When considering how much money you’ll need for the particular house that you’re interested in, remember that you don’t have to be living at the same standard of your parents who are most likely years ahead of you financially.
Don’t feel the pressure to have the best house out there. Narrow down your options to your needs and basic wants, and then seek the financing options that match that.
Consider a Real Estate Agent
Millennials looking to buy a home need to decide whether or not they want to use a real estate agent. There are numerous advantages to using a real estate agent as a buyer. Unlike when you are selling, buyers won’t owe the agent a commission from the sale price of the home.
Real estate agents can take your wants and needs into account to find a selection of homes you may be interested in. Real estate agents also have advance knowledge of homes that will be coming on the market. This means you will be able to get your offer in faster and be more likely to get the contract.
Consider the Legal Aspects of Closing
Many Millennials rent, meaning they are passingly familiar with tenant law. However, the laws of property transference might be new ground. It is pertinent for first-time Millennial homebuyers to work with a professional real estate attorney, like those from Stoddard Law Firm, to ensure their closing goes off without a hitch.
In many cases, your real estate agent will handle this. However, if you’ve chosen to buy without an agent, you will want an attorney on your side to ensure there are no problems with the transfer of property.
Consider the Future
Because Millennials have waited so long to start buying homes, they may be in the market for a bigger house. The traditional starter home might be skipped over in favor of a forever home. Always consider the future when buying a home.
If you plan to have kids, ensure the home will be big enough for them, or plan to move when that time comes. If you want pets, like many Millennials do, consider a fenced-in yard.
It is time for Millennials to start buying homes. With a solid housing market, 2018 will be a great year to take the plunge. Plan accordingly and start shopping so you can finally have the home you’ve wanted.