Buying in a millennial market
As the millennial generation step on to the property ladder, we see different trends emerging and more caution being taken when buying first homes. Deemed by some as the ‘pickiest home buyers’, Generation Y are turning the tides of real estate.
Where generations before had limited resources when buying property and considered their first purchase a lifelong family home, millennial’s have an overwhelming amount of information at their fingertips and consider their first home a stepping stone or starter property on the way to their big picture goal.
One thing that remains the same, buying a house is the biggest financial decision you will probably make. Ever. Can we help you? Absolutely, keep reading for our top tips for millennial buyers.
Define your goals
Figure out what it is you’re looking for and if you’re going it alone or with a partner/friend. Ryan Hardy, luxury real estate agent says, “Given that buying a home is such a big step, it’s important for you to educate and prepare yourself as much as possible in advance. This means clearly determining why you’re buying and what kind of home you’re looking for”. Define your house goals, whether it’s an investment property or your new family home. Facing the property market with a clear idea of what you want will make the process easier and much less daunting.
Examine your finances
Look at what you can afford and keep in mind that you may need to spend money on the property to personalise it further down the line. Speak to your bank and discuss the best plan of action and what your budget will stretch to. Remember, interest rates can change as economic conditions fluctuate, will you be able to afford your mortgage payments if they increase? Perhaps buy a property slightly under your budget so you have a safety net.
Talk to the professionals
Determining your budget or knowing a properties worth isn’t easy. Talk to the professionals and work together to find your dream home within your budget. There are many mortgage and payment options, a specialist can help you choose the right one for you. A real estate agent can review your property checklist and provide an option you may have overlooked.
Look beyond the great views
Know the property inside and out before buying, not preparing for necessary renovations or essential work takes its toll on the budget and you. Find an agent who provides you with detailed inspections and keeps you updated regularly.