Calling All Millennials!
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.
High Quality & Exceptional Service!
Peter, Ali and the team at Hutchinson & Harlow were excellent to work with. We were provided with outstanding level of professionalism and service. Hutchinson and Harlow have a good understanding of the real estate market in Armidale and surrounding regions. Their sales and marketing approach was fantastic, attracting a lot of interest and providing us with a sale at the right price quickly. Ali was brilliant to deal with. She kept us will informed, catered to our needs and made selling the house a seamless experience.
- Leah Cook (Vendor)
Reliable and Honest Agent
Peter Georkas was honest, upfront and he and his team were friendly and efficient. Selling a property is a big decision and I felt supported and included in the process at every step of the way. Peter is a warm agent who acts with integrity. I would highly recommend him and his team.
- Zeva (Vendor)
For many years we have bought and sold with Peter and the HH team..we wouldn’t consider using anyone else..
The service is professional, yet friendly..at all stages of the buying and selling processes the clients are kept up to date...
All members of the team are delightful, friendly and helpful..
We can confidently state that the HH team will be the right choice for you..
Don’t waste your time shopping around-go straight to the professional team with years of experience...you’ll be glad that you did!!
- Justin & Vanessa (Vendor)
Ali sold my investment property
Ali sold my investment property in April 2018. I would recommend Ali from H&H. H&H held regular open houses and were following up with all enquiries on the home.