Many millennials probably feel like they’d never be able to afford a home.
The housing market in America has seen a lot of fluctuation over the last two decades. For people 35 and under, it’s been tough to envision anything other than renting. Anyone living in a big city like Baton Rouge has probably had their doubts over whether purchasing a home was ever going to be feasible.
Now, there’s hope for prospective home buyers. With falling home prices and increased wages, it’s never been better to be a millennial. If you’re part of this generation, you might not be well-versed in how this process works.
Today, we’re going to give you a quick home buying guide for millennials. Let us help you take the stress out of buying a home so you can just enjoy the fruits of your labor.
Approach Home Buying Without Debt
This whole process is going to go a lot more smoothly if you’ve tackled other debts before trying to buy a home. One of the main problems for millennials over the last 10 years is that you come out of college with astronomical student debt and no job prospects.
It’s better to spend the time renting a cheap place or living with your parents for a while to pay off student loans and credit cards. You’re going to need a sizeable home loan to buy your house, so you’ll want good credit and no existing debt before you take that on.
Find the Right Area
Millennials have avoided buying homes, not just because they can’t afford it, but also because it feels like a permanent decision. However, that’s not necessarily true if you buy an affordable home in an up and coming city like Baton Rouge.
Set a budget for your home that makes sense with your income and understand that you’ll be able to sell if you decide to. One of the biggest mistakes people make is overpaying for a house that they can’t afford, then feeling stuck with it for years.
Home Loans
Make sure to get preapproved for your home loan before you put the offer in. In a crowded real estate market, it can be tough to stand out to sellers. Have everything in order ahead of time so that, if you find a dream home, you’re ready to get the ball rolling right away.
There’s nothing that a seller likes more than getting their house sold quickly and for their asking price.
Work With a Good Agent
It’s so helpful to work with a real estate agent that understands your situation and has your best interest in mind. Too many young people put their trust (and life savings) in their own uncertain hands or the hands of someone that’s just out to make a buck.
Brockwell Bone can help you find the house you want, not just a house you can afford. Download his free “How to Buy a House” Roadmap (1 page PDF) to get an overview of the home buying process and links to home buying tools.
