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Millennials make up the majority of today’s homebuyers, and if you are one of them, you may have received some home buying advice from your friends and family. You might also have been exposed to some real estate myths or even home buying facts that were once true but are no longer entirely correct. Here are some helpful home buying tips for millennials to help you learn more:
Don’t rule out the possibility of purchasing a home: Making the assumption that you can’t afford to buy a home is one of the most discouraging yet common home buying myths. Even if purchasing a home is not feasible in the near future, you may be surprised to learn that homeownership is not as lofty a goal as one might believe. Buying a home is usually a matter of setting specific financial goals and putting in the effort and focus required to meet those goals.
Get a pre-qualification: Similar to the previous tip, sitting down with your preferred lender to get prequalified can help you determine how small or large of a loan to apply for. Getting prequalified is free and easy, and it can be used as a starting point. A good lender will assist you in setting clear financial goals, such as saving for a down payment, paying down debts, or improving your credit score, so that you can prepare for homeownership sooner rather than later.
Know the costs upfront: While most millennials understand the concept of a down payment, they are unfamiliar with other costs of purchasing a home that can be shocking to the unwary. Closing costs, moving costs, insurance, HOA fees (if applicable), and out-of-pocket costs for property maintenance are also to be expected.
Determine your search criteria: Buying a home is a long-term commitment, and even if you are currently single, childless, or enjoy your job, you should expect and plan for change. Even if a one-bedroom bachelor pad is a good fit for you right now, you may regret it in a few years if you plan to grow your family.