Home Buying: Five Indispensable Home Buying Tips for Millennials

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“The ache for a home lives in all of us, the safe place where we can go as we are and not be questioned.” –Maya Angelou

 

Millennials are known to be the generation that would soon shape the world.

After all, this is the era marked by technological advances and innovations insomuch that pretty much everything is accessible to everyone nowadays. As a result, convenience and accessibility are practically afforded to almost everyone. However, as pretty much everything is at their disposal, millennials are also known to be the generation with everything handed to them in a silver platter. Consequently, it is because of this that millennials have a constant drive to prove themselves—whether it is in excelling in their chosen field or profession or buying and investing in real estate. In recent home buying statistics, it has been shown that millennials have long surpassed the Generation X and baby boomers in terms of real estate investments and the like.

Seeing as millennials are the crux of the recent boost in real estate sales, then it can only be assumed that millennials are making significant investment moves and choices. While all in all, this is an excellent move towards leveraging finances and financial freedom, it is best if millennials are also aware of the best-known ways of going about it insomuch that their hard-earned money would be invested in a worthwhile real estate property. Apart from that, it would also help if millennials do enough and appropriate research as to how to make home buying more of a successful financial venture instead of a potential cumbersome money drain. So, if you have been scouring the real estate market for properties such as an Ametta Place for sale or elsewhere, here are some of the things you can keep in mind to ensure the home buying process goes without a hitch:

Have a dedicated savings account

One of the best ways to ensure that you have enough money to finance your real estate investment endeavor is to have a savings account for it. In order to prevent the commingling of funds, open a designated account to serve as your home buying savings fund. Start as early as possible and allocate part of your paycheck to go into this account. You can start as little as few thousand pesos if you can afford it every month and gradually increase the amount as you climb up the corporate ladder. Alternatively, you can choose to adjust your standard of living and start to live with less in order to save more.

Build Credibility

In the event that you would not be able to finance the entire payment of your prospective real estate property (and there is a likely chance that you would not be able to), you should start looking for lending options as early as possible. However, build your credibility so as to show a potential lender that you have an established savings pattern and would be able to defray the housing payment. Consequently, this would also increase your savings. In this regard, you might consider saving the difference between your rent and the housing payment you are projected to spend.

Look for ways to boost your income

There is a reason why people keep proclaiming real estate to be one of the biggest investments in an individual’s life: it costs a significant amount of money. If you are in the market for real estate, then you might want to look for other options to boost your income if you are working a low-salary grade job lest it would take you years upon years to save enough for a home. There is a myriad of part-time job options online and which you can do after your regular shifts. Alternatively, you can go with something simple such as babysitting and dog walking to quickly build up a savings fund for your future home.

Save the extras

Be extra meticulous with where your money goes. If you ever get year-end bonuses, a scheduled pay raise or even a cash gift, be sure that it goes to your home savings account instead of splurging it elsewhere. Think of your long-term goal and put your shopping impulses on hold for the meantime. After all, once you will finally walk into a home you would call your own, all those miserly years you spent saving every peso you make would be all worth it.

Pay off your debt

One of the biggest challenges millennial homebuyers face is paying off their student loans. That, in conjunction to defraying accumulated debt, would make it difficult for an ordinary millennial to buy a home. In this regard, it is best to pay off all of your debts, student loans and otherwise, as early as possible. Before even considering any properties, be sure you are already debt-free as buying a home with debts looming over your head would only add to the stress. So, if you have any existing debt, create a workable budget to pay off all of those loans and by then you would be ready to save for your home.

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