Why Millennials Shouldn't Fear Home Ownership
You might want to purchase a home, but you feel that now is not the right time to purchase it. You might have misconceptions that cause you to put off purchasing a new home, but there's no reason why you should fear home ownership.
You're Not Too Young
You might think that you're too young to purchase your first home, but a large percentage of home buyers are younger than thirty. The home buying market is getting more competitive, so you are better off planning for a purchase now rather than waiting. Start thinking about the type of home you would like to live in so you can make this decision later on.
Your Finances Might Be Good Enough
You might not want to purchase a home while your finances are in bad shape. In general, you should clean up your finances as much as possible before purchasing a home. However, there are many homes that are purchased with as little as 5 percent down, so you don't necessarily need the 20 percent down payment to own a home.
Renting Is Expensive
You may think that you are saving money by renting, but you will actually save more money if you buy a home in many cases. Rental costs have been rising for years and mortgages can be surprisingly affordable. Also, you will be building equity in your home by having a mortgage.
Your costs are much more predictable and stable when you have a mortgage compared to when you rent. Rental costs can go up, and you have little control over this.
You'll Have More Privacy
When you own a home, there are several ways that you will see an improvement in your quality of life. You will have much more privacy. When you are living in an apartment, your neighbors will see you entering and exiting your home. In some cases, the landlord can enter your apartment as long as they provide an advance warning.
You Can Take Pride in Owning Your Home
You can take a lot of pride in owning your own home. By owning a home, you are part of a community. Since most homeowners live in their houses much longer than a tenant lives in an apartment, you will have an easier time forming long-term relationships with neighbors. You will also be able to use your home for purposes that a landlord might object to. For these reasons, there is no reason to be afraid of purchasing a home.
If you're interested in buying a home, contact a real estate agency near you.
