According to research, Millennial homeownership as compared to the Baby Boomers is off to a slow start. A survey from 2018 shows that only 1 out of 3 Millennials have been able to purchase a house under the age of 35. And among the people who do own a house, 63% of them have regrets!
Still, 75% of American Millennials prioritize buying a house more than the previous generations ever did.
To help make the process smooth and effective, here’s a comprehensive guide for Millennial home buyers.
1. Pay off Student Loans
More than 44.2 million people in the United States are paying off student loans worth 1.48 trillion Dollars. If you’re planning to buy a house, it’s important to make sure that you’re completely debt-free. So the first thing you’ve got to do is pay off your student loans and any other debt that you might have.
2. Sort Out Your Finances
There’s so much more you’ll have to pay besides the price of your house, including closing costs, down payment, move-in costs, and maintenance fees. So the next step is evaluating your budget, counting the costs of buying a house and sorting out your finances. This will make it easier for you to finalize your decision.
3. Define Your Goals
Buying a house is one of the biggest decisions you’ll make in your life. Before you embark on the journey of searching for the perfect house, research your options and determine what exactly you’re looking for in a house.
4. Keep a Check on the Current Mortgage Rates
If there’s something Millennials collectively struggle with, it’s patience! We know what we want and we want it now! But when it comes to buying a house, this might actually be a good thing. An expert claims that waiting to buy a house can cost you more. Mortgage interest rates are unpredictable and waiting to buy might lead to a higher monthly payment.
5. Contact a Real Estate Agent
You might have done extensive research, but you couldn’t possibly have found out all there is to know. Now it’s the time to get in touch with a professional Camp Hill Realtors so they can use their expertise and knowledge to get you the best deal possible.
Looking for a reliable real estate agents Camp Hill Pennsylvania? Get in touch with Smith Top Team.
We’re a dynamic father-son duo with a combined experience of more than 40 years in the real estate industry. Whether you’re looking for realtor agent Mechanicsburg, Dillsburg, New Cumberland, Etters, Lemoyne or any other area in central Pennsylvania, we’ll help you achieve all your real estate goals.