Houses and Millennials: Tips and Tricks You Need to Know When Buying a Home
Home ownership is the modern dilemma that plagues the majority of millennials - we simply aren’t well-versed in buying a property! With real estate prices going up year by year, it’s no wonder the current generation of homeowners aren’t brushing up on the know-hows in house construction, purchasing, and maintenance!
These are, however, essential for every millennial homeowner. We all need to understand what is practical in home ownership, and what is just going to run you bills in the future. We have an unmatched enthusiasm for becoming homeowners, but for many of us who have had the privilege of reaching that goal, we are often lost in the industry secrets of buying a house.
What to Know in Buying or Building a House
While we commend our peers who have successfully built their homes without a hitch, there are many of us who fail to understand the importance of a thorough home and property inspection. In fact, 64% of millennial homeowners regret their purchase after uncovering an issue with the property. Stay in the 36% with these tips in buying or building a house:
Know Your Prospects
There are plenty of construction companies willing to facilitate your house building, but not all contractors are suitable for the job. Some may not provide you with the best quality of service you can get, while others may overcharge you on unnecessary additional costs. Scout for contractors, know your prospects, and weigh the pros and cons of each.
Check the Neighborhood
As you are at the height of your career and social life, you need your zip code to reflect your lifestyle. This doesn’t mean you need to live in a posh neighborhood, but you will need to check the neighborhood of your prospective property for any transportation channels, gyms, veterinarians, day care centers, schools, and any other facilities you require for your lifestyle.
Inspect the House Year-round
Waiting too long to purchase the house may cause you to lose your chances of owning the property, but there are ways you can inspect the house year-round. Search for water damage that comes from a leaky roof during rainy seasons, ask around the neighborhood for flood warnings, tornados, and blizzards during the year, and inspect for signs of mold.
Look for the Sewage Lines
Sewage lines are often overlooked by new homeowners as the excitement of buying a house draws more attention to the interior design and property location than the city’s sewers. If your home is included with the city sewage line, you’ll be fine. However, if your home has its own septic system, know that you will need to have the septic tank cleaned regularly.
Hire a Property Inspector
If you are unsure of inspecting a prospective home the proper way, hiring a third party property inspector can assure you of a thorough checking. Never accept hiring a property inspector from the house seller or real estate agent. Always scout for your own, and you should already have one or two in mind when you first scout for homes.
Stick to Your Budget
Too many stories about millennials running a huge debt to be able to purchase their dream homes scream true for our current generation of homeowners. As many believe house ownership is a measure of success, we have to remember that our budget is there for a reason. Stick to your budget, and avoid the debt that comes with home ownership.
Remember the Maintenance Costs
Remember, the initial purchase price of the home is just the beginning of the costs you’ll rack up as a homeowner. Maintenance costs are constant, and many who fail to realize the gravity of these costs may turn to regret their purchases. The bigger the home, the higher the maintenance costs in cleaning, heating, powering, and keeping the home in good condition.
Consider Your Eligibility
Lastly, the real estate market is extremely competitive. That house you toured this morning might just be unavailable by noon. Check your finances, secure a home loan, and get your down payment ready before scouting for properties. This will give you the best advantage as your eligibility as a serious buyer increases in the eyes of real estate agents.