Home sweet home.
For many adults, the dream of owning your own home feels like a life achievement. It’s the kind of things that can make you feel like you’re finally ready for adulthood. However, Millennials have been known for postponing this critical decision. Admittedly, the current economic situation makes it a lot more difficult to buy a house in your 20s. As a result, it’s not uncommon for young adults to get used to the situation and fail to climb the first step on the property ladder. While it is true that you need to save a lot more money before you can buy your first home, there will be a time when you ask yourself whether you should get in touch with a real agent. If you rewind to the generation of your parents and grandparents, property purchase was one of the first things on the to-do list after getting married. Nowadays, as social expectations are shifting, most people don’t know when is a good time to buy a house.
Here’s a little guide to clarify things!
It’s a decision for life… almost!
The work situation has changed a lot in the past few years. From remote working option to digital nomads, you don’t have to stay in the same place for work anymore. Consequently, Millennials are faced with a new sense of freedom, which can dramatically affect their decision-making process. When you buy a house, you need to be ready to settle down – even if the house is only the first step on the property ladder, as explained here https://www.cnbc.com/2018/01/25/thinking-about-buying-a-home-ask-yourself-how-long-you-plan-to-stay.html. Unfortunately, if you can’t see yourself staying for long in any location, you will not become a satisfied homeowner. Aside from the location, buying a home means that you need to commit to long-term financial obligations, which can be challenging to maintain.
Can you get yourself organized?
Homeowners can’t afford to be messy or to get behind some of their duties. Indeed, if you’ve been struggling to keep your budget under control without having to pay back a mortgage loan, it’s fair to say that homeownership shouldn’t be a priority for now. You need to clarify your financial situation first – http://repair.credit/best-credit-repair-companies/ is an excellent address to start with if you need to improve your credit score. At the core of healthy finances, staying organized is an essential skill you need to master. You can use planners, or automated reminders on your phone to keep track of invoices and learn to manage your budget.
A home means responsibilities
Last, but not least, buying a home means that you can say goodbye to the no-maintenance lifestyle you had as a tenant. You are now responsible for the state of your home. Consequently, you need to stick to a maintenance checklist to ensure that the property is looked after. Something as benign as forgetting to clean your A/C filter can lead to high repair costs in the long term. In other words, you need to be ready to work hard to keep your home in pristine condition!
Homeownership is a sign of adulthood. It’s a step you can take when you’ve got long-term projections for the future, substantial budget management experience and an interest in home cleaning and maintenance. Embarking too early in this new adventure could ruin you!
*This is a contributed post.