A 2016 report revealed that compared to the earlier generations, Millennials are buying fewer homes. Findings showed that the homeowner rate among American homeowners aged 35 and below is a mere 34.1 percent. Data also showed that about one-third of U.S. adults between the ages of 18 and 34 are either living with their parents or renting alone or with partners and roommates.
While younger people have personal reasons to delay home ownership, buying your first home is a huge financial decision. If you’re young and you’re ready to buy your first residential property, here are some tips.
Identify the type of home you want or need
Buying a house is a big decision, so you need to define your goals right from the start. Do you simply want a small house or a larger property for your future family? Having a clear motive can help you navigate the process easily and make good decisions down the road.
Decide how you will get it and if you can afford it
Some people save up for a down payment on a home, which makes total sense. But there are also home buyers who apply for newer and more flexible home loans, such as a home equity line of credit (HELOC). If you’re already eyeing a property in Ogden, Wasatch Peaks Credit Union recommends working with an experienced real estate agent and a home financing expert.
Devise a plan to get out of debt fast
Many people are reluctant to buy a house because they don’t want the financial strain of paying off a mortgage. But there are many ways to get out of debt faster. You just have to be smart and meticulous about your payments save as much as you can.
If you see yourself setting roots somewhere and home ownership is within your reach, do not delay. Start investing now so you can enjoy the fruits of your labor sooner.