In the U.S. millennial make up the second largest generation and represent about 20 million households. Although millennial often invest in rental properties, they are starting to move towards the housing market. According to Realator.com around 30% of homebuyers in 2014 where from the millennial generation. Although many millennial will purchase a home this year, it can still be a scary process. Are you really ready to purchase a new home? Here is how you can tell…
- Where will you be in the next 5 years?Purchasing a new home is definitely a time commitment. If you do not plan on living in the house more than 5 years, it’s probably best that you do not buy. Moving houses in less than 5 years can cause you to not build up enough equity; therefore you would be loosing money. Also, if your job may require you to relocate to a different city or state it’s not the smartest idea to purchase right now.
- Are you ready to live alone? Many millennial who purchase a home have a roommate to help split costs with. However, plans do change and what happens if and when your roommate moves out? Prior to purchasing a home take all factors into consideration. Are you ready to live alone? Can you afford it?
- Do you have time to DIY?Owning a home means routine maintenance, repairs, and home improvement jobs over the weekend. You’ll have to mow the lawn, unclog drains, fix leaking pipes, and address other home repair jobs. Before you fully commit to homeownership, be sure you have the time to invest into your biggest investment.
- Can you afford it? Although renting a home can sound not as expensive, it’s actually more expensive to rent rather than purchasing. However, purchasing a home does require more upfront costs rather than renting. Using a small loan to purchase a home is always an option, but if you don’t have the money saved up in the bank then it’s not the best idea at the time.
- Do you know what you want to buy? Purchasing a home can be one of the biggest investments you ever make in your life. Prior to searching the market, be sure that you are financially ready for the big step. Being peer pressured or rushing into a home can potentially put you in a bind. If you can think of several reasons why you want to purchase a home, rather then renting, then it sounds like you’re emotionally and physically ready. If you are not, then sticking to rental properties will be the smartest and best idea.
If you, or someone you know, is looking to purchase a new home please contact Mountain Oak Properties. We would love to be “Your Resource For All Things Real Estate.”
Contact us at (828) 318-8801 or info@mountainoakproperties.com