Millennials have established themselves as a truly independent generation. Highly socially conscious, they shop at thrift stores, ride share or take Uber, and have become the master taking the road less traveled. But while they’re great at saving dollars, many of them have delayed purchasing homes. And it makes sense- after watching prior generations navigate in the ’08 market crash. But times have changed, and there are plenty of reasons for millennials to consider home ownership as the new way forward.
Define Your Goals
Write down what’s important to you in a home and in a neighborhood before you begin your search. Do you want a big backyard for the dog to run around in? Proximity to natural outdoor areas? An active community that’s not afraid to socialize? On the financial side, how much do you want to spend? What would you be willing to spend extra for when it comes to add ons? Keeping these in mind when you’re searching for homes makes it easier to find the home that matches you best.
Check Current Mortgage Rates
Homebuyers are advised to keep an eye on mortgage rates and to buy as soon as they can. While they may seem high, mortgage rates are historically known to get higher as time goes by. This is because the value of a home rises over time. So as soon as a mortgage is in your price range, make sure to secure it! When working with a new homebuilder, check into resources available through in-house financing resources.
Consider the Long-Term Benefits
Lenders can help you get a better picture of your financials, although it’s important to consider the closing costs associated with buying a house too. There is a silver lining to those who buy though-appreciation. Most homes appreciate, making initial expenses more bearing. Overall, “millennial buyers, at 85 percent, are the most likely generation to view their home purchase as a good financial investment,” said Chief Economist Lawrence Yun of the National Association of Realtors.
Examine Your Finances
Take time to count all your pennies before you even begin to start looking at houses. Having a set budget lets you recognize how much that you would want to spend on a home, but you can expand this budget by getting prequalified for a loan. This allows financial institutions to intake your financial information, ranging from your income to your credit, and output the amount that you’re most likely to qualify for. With this amount in mind, it’s easier to look for homes within your price range.
Don’t Assume You Won’t Ever Qualify!
While the home buying process seems intimidating from a distance, it only looks expensive and difficult. When you work with the right people, you have more options available to you than ever before. For example, the Loan Consultants at Mattamy Home Lending offer financing services that are competitively priced, ensuring that you get the best deal. They’ll also work to prequalify you, so that you know your residential options from the start. Multiple program options are available as well, ensuring that there’s a financial lending service that fits your life best and gets you into your dream home.
Out of all the places to start your home buying journey in, RiverTown is one of the best. Located along the banks of St. Johns River, this community is tailored to best accommodate every new homebuyer and hosts a small-town way of life thought long lost. Drop by our Welcome Center, where the New Home Counselors can guide you through the process of purchasing a new home and answer any questions that you might have.
Designed to fit your life, RiverTown offers a full range of homes with varying sizes and floor plans from 1,600 sq. feet to 3,760 sq. feet, and starting from the low $200s to riverfront estate homes with docks at over $1 Million. On-site amenities such as the kayak launch that takes residents out to the St. Johns River, the on-site playground where kids can run and chase as much as they want, and the nearby Riverside Park where families can relax and fish to their heart’s content make this the best place for everyone, no matter what they’re looking for. Don’t forget to check us out online and download the free community Digital Brochure. Call (904) 337-4856 to schedule a time for you to discover RiverTown, The First Coast’s New Hometown™.
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