Buying a home is truly one of the biggest investments or expenses someone can make. Though it can seem daunting, it is one of the most rewarding experiences of adult life! Though many millennials don’t think they can afford their first house, they can (and do!). Contrary to popular belief, statistics show that Millennials lead the trend in being the top homebuyers. While the age group for the millennial ranges, they’re still currently the youngest homebuyers. So, when it comes to buying a home, what’s it like and what are some good tips on how to make the process smooth and successful?
For someone who is purchasing a home, there are many things to consider and while each experience is unique, we do have a few good pointers to help make things easier.
One of the best things you can do is arm yourself with knowledge. Millennials are typically well accustomed to social media and its uses. Leverage that. If you’re looking at a home or working with a realtor, do your research! (And don’t count out any type of social platform.) Even less ‘social’ forms like Google Reviews or Tripadvisor are beneficial. Think about it–TripAdvisor can help give you an idea of the neighborhood vibe. Once you have a good handle on the housing market and nearby neighborhoods, contact a realtor. Although there are websites that exist to sell a home, there’s nothing like solid advice or working with someone who specializes in the housing market. It does more than any Google search will; however, the same advice goes when it comes to finding a realtor. Do your research. Invest time into this and you’ll be greatly rewarded in the future. Need some ideas on what to ask a potential realtor? We’ve got you covered.
Once you have a trustworthy and experienced real estate professional to help you, the next step is to check in on current mortgage rates. If you’re asking yourself right now what a mortgage is or what the rates may be, open up a new tab ASAP and look. It could cost you extra money in the long run to wait. Why? Because Denver’s housing market is exploding, and the appropriate financial changes are growing with it. While it may not be ideal to be on a timeframe, it’s a piece of information to be mindful of. Buying a house is expensive, but it’s the interest rates that will get you (looking at you, student loans!). Talk with your realtor and start making a plan.
And it’s important to remember one thing: you have to be flexible. Everyone has a “Dream Home Checklist,” but that isn’t going to get you any closer to homeownership. Every home you look at will have its flaws, and it may be missing one of your dream features, but remember that every house will become a home as you live and create memories in it! Maybe you had your heart set on a 3bd/2ba for the extra space, but a 2bd/2ba comes along that fits the rest of your bill. Don’t write it off immediately! Have a look and ask yourself, “Can I see myself living here?” If the answer is yes, then let your realtor handle the rest!
Some final thoughts on the home buying process for millennials that can’t be stressed enough–even though you may be nervous, put your best foot forward, work on that strong handshake, and don’t jump at the first offer. Let your realtor handle the tough negotiations and crazy back-and-forth that comes when buying. But again, if you’ve done your research and you know the current market prices and values, you can set yourself up for success through demonstrating you’re a serious buyer. Before you know it, you’ll go from daydreaming to holding a pair of keys to your own space! It’s a fun process that’s worth all of the effort and work.
Good luck with the property hunt! As always, if you’re looking for a team of experienced Denver professionals to help you navigate the often insane Denver market, give the BSW Group a call. We’re ready to help you!