If you were born in 1981 – 1996 congratulations, you are a millennial! Being a millennial means you can still celebrate your youth and have the time of your life, but you will someday reach a point where you must start something called adulting (*sigh*). Have you ever wondered when you are ready to buy your first home? Buying your first home is a huge decision that you need to be financially and mentally prepared for. There is an ongoing stigma that believes millennials are not able to buy a home because they cannot afford it or are not ready to make the commitment. The housing market is not as affordable as it used to be, therefore statistics are showing that millennials must wait longer than their parents did to purchase their dream home. Although home buying is the biggest purchase millennials will likely ever make, it is more beneficial then renting a space because they will be getting their money back in the future when they are ready to sell. If you are a millennial wanting to buy your first home, follow these tips and we can help you feel confident in your home buying decision.
At Aldebaran Homes, we strive to make homebuying a breeze for all ages. We offer a 1,185 square foot floorplan that is ideal for younger home buyers in search of a humble abode. As being our smallest floorplan in Legend of Legacy, this makes it the perfect size for millennials to start their new chapter in life. The layout includes an oversized single car garage plus driveway, modern sleek interior finishes such as granite countertops, stainless steel appliances and two balconies for unwinding or spending time with friends and family. The saga floorplan starts in the 290’s which makes it a more affordable choice for millennials on a budget.
Tip #1 – Create a Savings Method
Just like the famous saying goes “Good things come to those who wait”. Developing a method of saving money will take time, however it will bring you one step closer to your new home. It is important to start saving early enough for a down payment. An effective method for saving money could be as simple as having a savings account set up that you cannot withdrawal money from. Using a locked saving account forces any younger buyers to save and creates a healthy mindset with money. Who wouldn’t want financial freedom? It can be a great option to speak with a mortgage broker who can suggest a number of creative ways to come up with a down payment, the sales team at Aldebaran Homes is also here to help!
Tip #2 – Pay off your debt
It is common for people to have debt due to loans or other expenses. Changing your lifestyle and becoming debt free is the key to success when looking to buy your first home. If you pay off your student loans and other financial debts that are weighing you down, you will not have to worry about paying money on top of your mortgage and other fees that come with buying a home. So, sit back, relax and binge-watch your favorite shows on Netflix while living your debt free life!
Tip #3 – Staged Deposits
Are you having trouble saving for a down payment? Come visit our sales team at Aldebaran Homes and we can assist you with this! Aldebaran Homes can help guide you in the right direction and get you one step closer to your home with staged deposits that are flexible and manageable for your lifestyle.
Tip #4 – Do your research
Before buying any home, it is a smart idea to research everything you can before making your big home purchase. Millennials are known to be some of the best researchers and internet surfers in the world, which makes this is an easy step. Research can help guide you in the right direction based on what you are looking for in a home. Put your technology skills to use and learn more about local communities, floorplans and the ins and outs of the home buying market to finalize your decision. You will be able to choose the right path in no time!