Annie Barker

  4.90/5 View Ratings
RE/MAX Associates Northeast
< BACK Subscribe

Considerations for the Millennial Home Buyer

May 1st, 2019

 For millennials who are considering or have begun their search for their first home, there are some important things you must consider.

1. Low interest rate: Millennials will benefit from attractive interest rates, which hit a 14-month low in March.

2. Owning a home is an investment that will likely appreciate over time: A buyer needs to commit to owning a property for generally at least three years to allow for market appreciation to outweigh the closing costs of buying and selling.

3. Finding the right home: Before you begin shopping for a home, figure out what you can realistically afford. A place that needs some cosmetic work may be more affordable and give you the opportunity to add value with home improvements over time.

4. Hidden costs: These costs include insurance, property taxes and closing fees, and can add up to 5% of the home price.

5. Your 'rainy day' fund: Make sure you have enough money set aside to deal with unexpected costs that inevitably come up over time. You should anticipate spending 1-3% of the home’s purchase price on annual maintenance and upkeep.

6. Location matters: It’s important to understand that where you live plays the largest role in determining the value of your home. Instead of going for a dream home first and foremost, start with an affordable property, and trade up later.

Join the discussion

To post a comment on this blog post, you must be an HAR Account subscriber, or a member of HAR. If you are an HAR Account subscriber or a member of HAR, please click here to login. If you would like to create an HAR Account account, please click here.

Login to Comment
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

Join My Blog

Provide outstanding services, and help many clients to be prepared when buying or selling properties.
RE/MAX Associates Northeast
2940 Oak St, Kingwood, TX 77339   Get Directions
Phone: (281) 358-8888
Fax: (281) 358-6142
  • Archive
    •     2019
    •     2017