Right here in Columbus, many innovative and intelligent
people in their 20's are choosing to call our bustling and diverse city home.
These are the ones that we notice are incredibly tech-savvy, interested in having
vast and exciting travels, and are perhaps staying single a bit longer than
generations before them. If you are lodged in this age group and are eagerly
thinking about homeownership, is 2017 a good year to do so? With many right
here in Columbus perhaps there are some getting finished with a graduate
program or internship this spring, and permanently calling our city home.
Even though millennials prefer a very low-key and
low-maintenance lifestyle, there comes a time when the rent bills, not having a
space to truly call your own, and not being able to make your own improvements
to your living space may begin to wear on you. If you have made good choices up
to this point, you may at least have a good credit score, which is the solid
entry-point to the task of owning a home. Knowing exactly where you want to
live is a very important beginning, and some millennials that have spent time
in a much larger metropolis are becoming eager to get back to Columbus's busy
hub of vitality, yet Midwestern vibe.
If you already do have established credit, making sure
that you are always reviewing your credit report and attempting to keep your
balances at 30 percent or below the limit are tasks that will boost your credit
score. Paying your balances on time will prove to be a big help as well. You
can't begin to shop seriously without knowing how much you can ultimately
afford to spend, and once you are through the very necessary process of
pre-approval, the real estate agent you are working with will be able to devote
more of their valuable time to you. Many don't understand that driving around
neighborhoods and looking for a place they want in the future is drastically
different from being pre-approved and ready to make an offer: sitting in the
position of the latter is when you are poised and ready to buy.
After you have made the decision to buy a home, the down
payment is one of the major things you will want to save up for. One great
recommendation that we have seen from many experts in the industry is regarding
saving: after you have made the decision and know that buying a home is going
to be taking place in the near future, steadily attempting to save 20 percent
of your paycheck can be an enormous jump start to your cause. Making the choice
to save up any large bonuses or tax refunds can also provide you a larger nest
egg to attain a down payment with. One of the very typical elements that bog
down a millennial can be student loans: if you can't reach the full 20% during
this saving crunch time, any extra amount will still help immensely.
Researching multiple down-payment assistance programs is
one step that many become so busy during the process they forget about. There
are many thousands of dollars available for millennial buyers, and they all
claim that the extra paperwork is worth it. The money attained can be used for
a down payment, a principal, or both. When our firm is asked what we think that
the biggest mistake millennials tend to make when purchasing a home is, our
answer is buying a home that you know you can't afford. It is difficult not to
do, because we all want extra space and amenities. If you think about your
mortgage, taxes, fees, insurance, and maintenance in your budget, you will have
a very reasonable work-up of what you'll incur for costs.
During 2017, the market is going to be undeniably red hot
right here in Columbus. Many offers will be made, moving vans packed to the
brim, and text alerts about new homes on the market will be beeping and
vibrating phones all over the city. With a little foresight and positive
financial direction, you may be packing up a truck to move yourself, and
proudly doing so well before the birthday with a number “3” on the left candle
hits! 
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