According to a latest survey, generation Y, more commonly called millennials, is preferring home ownership over renting. And why not? Owning a home in your 30s or 20s is an excellent way to move on from rental living. You can also improve your quality of life while securing a strong financial future. But since many millennials are first-time buyers, buying a home can seem daunting. When, in truth, the process is quite simple.
If you’re a millennial looking to purchase a home, there are some factors you must consider to ensure a smooth buying process.
Here are the top five home buying tips for millennialbuyers.
#1 Map out a budget
It’s a wise move to do the math before you set off on your home hunt. Determine a realistic budget you can afford to spend on a desired property. This will help you keep a clear head if you get tempted by a bigger home outside of your budget.
Sure, you can readily get a mortgage at affordable home loan interest rates these days to complete the purchase. Still, you must also plan your loan budget to ensure a smoother repayment process.
Additional Read: Why Home Loan Market for Millennials is increasing Post COVID
#2 Select an ideal location
As you may know, property location directly impacts its price. So, make sure to look around while considering factors such as neighbourhood safety, proximity to social and commercial infrastructure. In any case, purchasing a home in a booming locality will be a great investment choice.
#3 Manage your debts
When going for homeownership, manage your outstanding debts like ongoing loans or credit card bills by ensuring timely EMI payments. Doing so will help you improve your credit score and get competitive terms when applying for housing finance.
#4 Get a reliable real estate agent
Hiring the services of a reliable real estate agent is a great way to start the buying process. This is because they can help you get a good property deal within your budget while guiding you through the loan process, including home loan eligibility,interest rates, etc. Having a competent agent by your side can help you navigate the process comfortably.
#5 Understand the buying process
Of thehome buying tipslisted here, this is the most important one. You must become familiar with the entire buying process by consulting financial or legal experts. As a millennial homebuyer, you need to be fully aware of the property – its clearances, legal disputes, etc. Also, enquire if the developers provide any offers or special schemes.
It’s also crucial to know about the buyer-seller agreement, including the charges involved in the property buying process.
Over to you
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