Exceptional tips for millennial home buyers. Are you considering buying a home or condo? See some of the most important considerations for home ownership.
For those that are not aware a millennial home buyer is defined as someone who is in the 18-35 year old age bracket. Millennial home buyers have not looked at purchasing real estate in the same fashion as other generations have in the past. With the recent real estate recession fresh in their mind in addition to student loan debts, high unemployment and tighter mortgage credit, millennials have not been as quick to jump on the home ownership train.
Millennials are in a unique position when it comes to home ownership. Most have heard stories of their grandparents and even their parents buying homes in their 20s and early 30s. Yet as the millennials became adults, all they saw was struggle and frustration in the real estate market as the entire economy sunk into a recession. This has naturally turned many millennials off on the idea of home ownership. But it shouldn’t.
If you are in your 20s and 30s and have ever even considered buying a home, you are positioned to take advantage of record low interest rates. Even if you have just graduated with student loan debt and worry that there are no home buying options for people in your situation, you may be wrong. The dream of home ownership for young adults may have hit a few speed bumps, but it is certainly not over.
While there was a seven year time span from 2005-2012 where real estate values plummeted this was just a blip on the home ownership radar screen. Historically real estate is a long term investment that has done very well for a lot of people. Much like the great depression in the stock market of the late 1920’s and early 1930’s, real estate is bound to come back and flourish again.
One of the best tips for millennial home buyers is to have a long term view of home ownership. There will always be ups and downs in the market. If you are in a good financial position and avoid home buying mistakes, riding out the ups and downs should not be that difficult. While deciding between renting or buying right now may seem like a big dilemma, years down the road you will probably be glad you chose the American dream of home ownership.
Source: Tips For Millennial Home Buyers