A Quick Home Buying Guide For Millennials | Bahamas Real Estate

Taking real-life advice from the housing and finance experts can help make the transition from renting to owning easy. Here is a quick home buying guide for millennials.

Count the cost

If you can afford to buy there’s a silver lining, says homebuying expert Wiedman. Don’t forget to take into account down payment, buyer’s closing cost, moving cost, real estate lawyer fees, maintenance.

Don’t Assume you can’t afford it

There is no better time than now to seek financial advice from a professional. Take time to meet with banks, discuss with a real estate agent what you’re looking for, search online and the newspaper for home bargains, or you can ask banks for their foreclosure list.

Define your goals

Given that buying a home is a huge step, it’s crucial for you to educate and prepare your self as much as possible. This can include why you are buying and what kind of home you’re looking for.
Research all options and start making plans.

Examine your finances

Your current financial situation and credit history will determine the amount you qualify for.
When you are prequalified, begin searching for homes in your budget.

Check current mortgage rates

While nobody can predict mortgage interest rates, waiting to buy might also mean slightly higher monthly payments. Speak to your bank about mortgage rates.

Check for household issues

When on a home showing, look out for cracks, signs of termites, loose tiles, etc. Hire an inspector!
You don’t want your dream home turning out to be a nightmare that you have to continually renovate especially if this is not a part of your budget.

Negotiate

Don’t be too eager to say yes. If you can justify your offer price with recent market research, you are in a strong position.
Keep cool, familiarize yourself with recent sales and demonstrate that you are a serious buyer.

Buying a home early can better prepare millennials for retirement by the age of 65. Even though millennials have quite a battle to face when it comes to homeownership, most millennials feel that the economy is holding steady.
Start by saving money, meeting with a mortgage consultant, getting prequalified and calling an agent to help you look for a home in your budget.

Let us know if you have any questions about owning a home in the comment section.

 

 

Andrew Seymour

242.376.9789

andrew@bettermcrbahamas.com