Hutchinson & Harlow Real Estate ARMIDALE'S AWARD-WINNING SALES SPECIALISTS
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Calling All Millennials!

Calling All Millennials!

  • 12 Feb 2018
  • Meg Georkas

The millennial generation; an educated, tech-savvy group, that typically knows what they want.

In 2017 we found that many twenty-somethings decided they wanted to buy their first home. Now, there’s apps galore on just about everything out there, but swiping right isn’t going to get you into your first home – though it might help you find a date.

If you’ve been thinking about getting into the home owner market, read on.

1. Are You Ready To Commit?

I’m sure you’ve heard this more than once; buying a home may be the largest purchase you’ll ever make in your entire life. The point? You’ve got to know you’re ready for that type of commitment. Millennials have been deemed a nomadic bunch – so, it’s important to note that most home buyers stay in their homes for at least three to five years – and, that’s just so they can recoup the costs of their purchase. Buying a home also means you’re ready to get your hands dirty – literally. In order to maintain your home, handy work like replacing smoke alarm batteries, lawn mowing, gutter cleaning and even cleaning windows typically falls into the home maintenance category.

If you can commit to those terms, keep reading!

2. Understand The Money!

When it comes time to buy a home, a lender will consider every part of your financial picture. From your current wage, to your weekly bills, any debts, your spending habits to that lump sum of money your Mum gave you. Since a bank is going to drill down into your spending business, you’d better do the same. Find out how much money you’ve got coming in and going out and how much you’ll be able to devote to a monthly mortgage payment.When you’re considering your finances and budget, also consider the fact that home ownership fees don’t end with the monthly mortgage payment. Home owners are responsible for insurance, rates and any money it costs to cover routine maintenance or unexpected home repairs.

After hearing that financial information, is buying a home in your future?

3. Consider Credit and Savings History.

Your first experience with credit may have been when you were inundated with credit card offers when you turned 18. In your mid-twenties, you may have established some type of credit – and, hopefully it’s at least manageable. Lenders will closely consider your credit score when it comes to mortgage approval. Remember – the better your credit card score, the better chance you have of getting loan approval. In addition to your credit, delve deeper into your savings. When you’re buying a home, you’ll need to have money in-hand, up-front to cover fees like your down payment and closing costs.

Have you saved the money you’ll need when it comes time to buy?

4. Find a Lender and Get Preapproved.

It doesn’t take long to see that buying a home is largely a financial process, so it only makes sense that the mortgage process may be a long one, right? We’ve already let you know that lenders will consider your bank statements, bills, salary, spending habits, credit and more – but, here’s where you get to have a say. Meet with several lending institutions before you settle on the one you’d like to use.

Just like every buyer is different, so is every lender. Some may be more lenient when it comes to credit history. Some credit unions or banks you’ve used for years may offer lower rates than other lenders. You may be eligible for a government grant.

Consider all options before choosing a mortgage lender!

5. Work with an Agent You Trust.

Ah yes, that ever-important last piece of the home-buying puzzle. This is one area where we would not advise following a DIY mentality. Professional real estate agents have the training and know-how to lead any first-time home buyer to a home that’s right for them. Your trusted real estate agent will help you make up your “needs and wants” list when it comes to a home; they’ll help you consider your long-term goals for your new home; and, they’ll search for homes, show you homes, negotiate and walk you through the entire offer and settlement process… right down to the point where those new home keys fall into your hands.

So, answer this question… why DIY when it comes to buying a home? If you’re a twenty-something who’s decided that now is the right time for you to buy a home, let us help! Talk to HH Real Estate team and let us help with your first home.

Opinions are those of Meg Georkas and may not reflect those of others.

Absolutely Brilliant!

Peter comes as a highly recommended and well regarded sales agent. The first time you meet Peter you get a sense of professionalism and honestly that is invaluable when buying or selling a home. Peter's vast knowledge of the local area is clear from the onset, leaving you with no doubt that Peter is well versed in all the properties he sells. What we liked most about Peter was his honest and upfront approach; there are no surprises here, Peter is as he is described; personable, reliable, true to his word and extremely trustworthy. Thank you so much Peter for guiding us through our first home purchase.
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- Matthew (Buyer)
Armidale

Efficient and Trustworthy

Peter from Hutchinson & Harlow Real Estate helped us to secure the home of our dreams in a efficient and speedy fashion. He was completely honest and trustworthy in his dealings with us and we can highly recommend Peter and his team whether you are buying or selling. Thank you Peter
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- Lynn & Martina (Buyer)
Armidale

My experience with Peter as sales agent was as good as I expected!

Peter was very clear in what I could expect from the sale of my property. He explained any difficulties which might occur, as well as all possibilities. His knowledge and handling of all matters involved was excellent. I would have no hesitation in recommending him to other clients.
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- Beryl (Vendor)
Armidlae

Excellent sales experience

Clear communication, helpful and always professional.
During the process of selling our home we felt supported.
The sale occurred more quickly and for the asking price so the presale assessment was very accurate.
Will be recommending Peter and his team to other people.
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- Maree & Terry (Vendor)
Armidale