As a real estate sale associate I run into many millennials looking to purchase a home and don’t know where to begin. Last year (2016) I purchased a single family home in South Florida. There were two things that were certain in my decision making. First off, I did not want to pay more than I was paying in rent. Secondly, I wanted a home with potential. I told myself if these two things could not happen… then I would continue to rent. Are you thinking about buying a first home? Here are some things to consider.
Why did I want to buy a home?
Renting anything means you are borrowing with no benefits. Portion of the home payment may be deductible on tax returns (It sure helped me.) I must inject for you to seek professional advice from a certified accountant or tax professional.
Look at Yourself:
- How is your credit?
- How much money do you have to put down?
- How much do you want to pay monthly?
- How much money is in your emergency fund.
- You will have to explain any large deposits in or out of your account.
Buying a First Home
- Make a list of your must haves and don’t wants.
- Think about the maintenance.
- Search for First Time Homebuyer Classes in Your Area
- Your Home is Not Only a Mortgage… there are property taxes, insurance, etc.
Look at the Market
- How much are homes going for in the area you want to live?
- What kind of properties are available?
- Is it a buyer or sellers market?
Get Professional Assistance
- Mortgage Broker
- Keep the lines of communication open.
- You are not obligated to work with one person.
JP Last Minute Tips
- Try not to be emotionally involved in the process.
- Focus on what you want to spend, not the amount you are approved for.
- Don’t go incurring large amounts of debt.
- Your home is a place to live. If you buy right what happens in the market shouldn’t matter.
- Know what you want. Don’t let those who have no input have an opinion. If you are the only paying the mortgage, than you make that decision. My mom despised my three bedroom one bath, but was sold on the backyard.
Happy home shopping. 😉 Need credit or finance help? More questions? Send me an email. Let’s chat.