Purchasing your first home used to be a life goal, however, times have changed.
Millennials have different goals and have been taught that they should question every decision. They don’t just comply with decisions because that is the way things have always been done. So, what are the three most common real estate questions we get from our young buyers?
Is it Better to Rent or Buy?
To be fair, we get this question from most of our first-time home buyers. The purchase of a home is a lot of money. Thinking about this purchase from all angles is the right way to go about making such a huge life decision. It used to be that 20% was required for a home loan, but that rule no longer applies to the majority of loans. With little to no money now required as a downpayment, you need to think about how much you want to pay over the years. If you lock in a fixed-rate monthly home payment, that amount won’t change for the life of your loan. However, if you’re renting, the amount you pay will eventually increase over the years – either due to inflation or market demand. If you’re thinking long-term, purchasing a home is a better financial move.
How Can I Afford It?
As we said above, the 20% down rule is no longer king. There are loans for first-time home buyers, home buyers in rural neighborhoods (like parts of Mesa County), and loans that require little to no money down. Speaking to a finance expert can help you determine the amount of money that you qualify for. A simple budget will let you know how much of that loan you can afford as a monthly payment.
Will I Still Be Able to Travel?
The short answer is yes. It doesn’t matter if your travel goals are for weeks, months, or years at a time. You will still be able to afford a home. With the increased popularity of vacation rentals and short-term lease options, you will be able to make money on your home by renting it out during your travels. Just make sure you get a homeowner’s insurance policy that covers those instances.
While there are going to be some costs involved in homeownership, the benefits far outweigh those costs. If you have any other common real estate questions, call or email one of our real estate professionals (970) 858-9870 / email@example.com. We can answer any questions you have and help you get a better idea of how to become a homeowner!