There are a lot of rumours surrounding Millennial home buyers. Some of these rumours say that Millennials don't want to buy homes and can't ever afford to anyway. The truth of the matter is that many Millennials are entering the real estate market and many more are considering entering in the near future. If you're a Millennial who is thinking about buying a home someday, here's what you need to know.
1. Millennials Can Afford to Buy a Home
Buying a new home does take careful budgeting and some saving. A typical down payment on a house is 5%, or larger for a house over $500,000. Many home buyers start saving years before they start shopping for a property, to ensure that they will have the money needed to purchase a house.
2. Many Millennials Want to Live in the Suburbs
Millennials have a reputation for wanting to live in urban areas. As Millennials enter the real estate market, however, they soon come to realize that the most affordable properties are in the residential neighbourhoods surrounding urban areas.
Quality of life in the suburbs is good, because homes are affordable and often within commuting distance of the nearby urban centers. This makes the suburbs a very attractive option for home buyers who have growing families.
3. Many Millennials Don't Want to be Renters Forever
Renting does have its advantages, but as Millennials get older, many of them are planning to buy a Prairie Creek new home sometime in the near future. Buying a home is satisfying because homeowners have the freedom to do what they want to their house, without permission from a landlord. Homeownership is also a smart investment, and many people who own their own home are able to sell for a large profit after they've paid off their mortgage.
Work With a Real Estate Professional
If you're a home buyer who would like to enter the real estate market for the first time, find a real estate agent you can trust. A good real estate professional can help you decide whether now is the right time to buy. Your real estate agent can also give you tips and suggestions throughout the home buying process, and can help you negotiate a good deal for the house you choose.