Are you a Millennial who is interested in buying a home? If so, now may be an excellent time to purchase a house. Millennials who understand the ins and outs of buying a house will be better equipped to make a great home purchase. So what should a Millennial look for in a new house? Here are three factors that every Millennial should consider when they evaluate a house: 1. Location Location is everything in the real estate market, and Millennials who consider a house's location relative to their personal needs are sure to find a wonderful house. For instance, if you don't own a car, you may want to consider purchasing a house that is located near public transportation. Conversely, if you want your home to be a haven from the hustle and bustle of your day-to-day office work, you may want to consider buying a house outside the busy city. Examine the location of a prospective residence during the home evaluation process. By doing so, you'll improve your chances of finding a home that fulfills your personal needs both now and in the future. 2. Price A home is a long-term investment, and as such, you'll need to consider the house's price before you begin your search for the perfect residence. Getting pre-approved for a mortgage generally is a good idea before you start looking at homes. Pre-approval means you'll be able to establish a homebuying budget and determine the maximum amount that you can spend on a house. Also, you should examine your personal finances closely prior to your home search. This may allow you to find ways to save extra money for a down payment on a house and explore other cost-cutting measures to ensure you have enough money to afford a new residence. 3. Debt Unfortunately, debt plagues many Millennials and can destroy your chances of purchasing a house quickly and easily. As a result, you'll want to examine your debt and find ways to reduce it before you buy a house. To minimize debt, you'll first need to know your credit score. Fortunately, you're eligible for a free copy of your credit report from each of the three major credit reporting bureaus (Experian, Equifax and TransUnion) at least once a year. Get a copy of your credit report so you know your credit score. Then, you can review the sources of your debt and work toward paying off outstanding credit card bills and other debt that may hinder your ability to purchase your ideal residence. Of course, buying a house can be a stressful endeavor for Millennials. And if you need extra help along the way, it is essential to remember that you can employ a friendly, experienced real estate agent. A real estate agent enables you to take the guesswork out of the homebuying process, and ultimately, may make it simple for you to find a house that fits your personal needs and budget. With the right real estate agent at your side, you'll be able to streamline the process of buying a house and discover a residence that suits you perfectly.
More and more millennials are getting into the housing market. A survey by homebuilder PulteGroup found that 65% of those who make more than $50,000 a year reported increased interest in buying a home. The recession has forced Generation Y, roughly those age 18 to 34, to delay buying homes. Now millennials are now entering their thirties and the cost of buying a home is now becoming a reality. While student loans and financial resources are keeping some younger people from the housing market many others are realizing that in many cases owning a home is cheaper than renting. The survey also reported that millennials know what they want in a home: 84% listed storage as a priority was ample storage 76% want space for TV and movie watching 69% desire an open living/room kitchen layout 63% look for outdoor living or a deck 36% cited the ability to work at home Other recent studies have affirmed the PulteGroup study and have shown that 90% of millennials plan to buy a home someday keeping the dream of homeownership alive.