The Millennials' Guide to Finally Owning a Home
Posted by Boulder Estates on July 18th, 2019
How much time do you spend browsing for real estate listings online? Maybe longer than you care to admit. If you're like most millennials, your dream of owning a home probably ends as you scroll through properties you can never afford.
There’s no need to despair. The truth is, while purchasing your own house isn't an easy feat, it's doable. Follow this guide and start your journey to homeownership.
Get Your Finances in Order
This is easier said than done. On top of paying your student loan and saving for emergencies, how can you stash away some money for a down payment on a house?
Impossible? Not really. The trick is to know how much you have and how much you need to save.
Before you browse through new homes for sale in Menifee, CA, figure out your budget first and be realistic about it. Take a hard look at your income, expenses, debts, and expenses.
As you do your calculations, expect a wave of financial anxiety, stress, and denial. This is normal, especially if you don't feel financially secure and ready to buy a home. However, don't let your emotions take control of you. Simply look at the bigger picture, which calls for taking definite steps to bring you closer to owning a house in your 20s or 30s.
Once you've evaluated your financial health, ask yourself if you can pay cash for a piece of property. If not, check how much money you need to save for a down payment. Plan to have enough to cover at least 10% down. If you can go higher, do so. Remember, the bigger the down payment, the lower the mortgage loan you have to pay back in the next 15 or 30 years.
Develop a Savings Program
Have a clearer view of where you are financial. You'll need a road map to break down the steps you should take to point you in the right direction.
Create your own savings program by seeking professional advice first. Discuss your goals and needs with home loan specialists. Talk to more than one expert and obtain information on the ways you can save faster.
While you're at it, take note of the interest rates firms are offering and how you can qualify for a loan should you decide to work with them. You'll find these details handy when the time comes.
Be Ready to Make Sacrifices
A home may be the biggest purchase you'll ever make in your entire life. Saving up for it will entail big sacrifices, too.
Think before you spend. You might want to tuck away your yearly bonus for the down payment. Scrimping on the small luxuries you enjoy every week, such as dining out or the movies, can add up in the long run. Moving to a smaller place to save on rent is also something to consider. You get the idea. For the next couple or five years, you'll have to live within or below your means to meet your goal.
Check your financial status, create a savings plan, and cut back on expenses. Do these right while in your 20s and soon enough, you’ll end up owning one of the new homes for sale in Menifee, CA.
