At times, it can feel like the whole world’s problems are exclusively blamed on millennials. Whether it’s too much time spent on social media, not enough ‘grit’ and ‘determination,’ or simply the style of music they listen to, whatever millennials do or don’t do seems to be scrutinized to the nth degree.
While older generations may be overly concerned about what present life choices mean for millennials’ futures, from a real estate perspective, it’s not all doom and gloom for prospective millennial homebuyers.
Despite what many boomers may believe, millennial homebuyers do in fact exist — no matter how many overpriced avocado toasts they may be buying. However, where millennials are rich in enthusiasm and tenacity, their younger age bracket might mean they lack experience, especially when it comes to real estate.
So, if you’re a millennial homebuyer, ensuring you’re able to answer these four questions ahead of your next home search will help you determine if you’re on the right track to buying a new home.
Do You Have A Mortgage Pre-Approval?
Getting a mortgage pre-approval is always step number one when it comes to buying a home. This might sound like a patronizing question to ask, but you’d be surprised home many excited new homebuyers begin searching for homes before they truly know what they can afford.
Before you start fantasizing about which neighbourhood you want to live in and how big your home will be, you need to calculate what you have to spend. The best way to do that is to get a mortgage pre-approval.
Whether you obtain one through your banking institution or a private mortgage lender, you need to have a clear idea of what your budget is — for both you and your Realtor®’s sake. If you need recommendations on how to find the best rates, we can also advise you on how to choose the right mortgage lender in more detail.
What’s On Your Horizon?
For millennial homebuyers — or new homebuyers of any generation, for that matter — it’s easy to get caught up in the excitement of purchasing a property that perfectly fits your present lifestyle.
While we always work with homebuyers to truly understand their unique current needs, we also always ask homebuyers to think about what their lives may look like a few years down the road as well.
Making honest, accurate projections about how your current lifestyle may change can have huge implications on your current home search. Questions like “Do you plan on getting married or having children soon?” or “Will a potential change in your career affect your living situation?” are all well worth some deep consideration before you buy your new home.
Are You Making A Good Long-Term Investment?
Following the same train of thought, we also always ensure millennial homebuyers are making a good long-term investment in real estate. Even if you don’t intend on renting out your new property or sitting on it for a long period of time, we still encourage you to consider your purchase as an investment.
That’s where working with a Realtor® who’s a neighbourhood expert comes in handy. From making long-term neighbourhood projections to providing you with the most up-to-date market data and analytics for specific communities, there are many tools and resources that a Realtor® with local neighbourhood expertise should be able to leverage to inform your real estate investment decisions.
Is Your Realtor® Right For You?
When it comes time to find a Realtor® to help you with your home search, we’re willing to bet you’ll be inundated with an overwhelming amount of recommendations. Whether they’re from family, friends, or advertisements — or perhaps an agent you already know — options for real estate representation can feel like they’re coming from everywhere.
Whoever you end up choosing as your Realtor®, the most important thing is they’re the right choice for you. Just because your parents have used the same agent their entire lives or you keep seeing the same name on lawn signs in your ideal neighbourhood doesn’t mean you’ll work well together.
Finding a Realtor® who wants to truly understand your unique homebuying goals and create a genuine personal relationship with you is worth more than any off-hand recommendation you’ll ever receive. That’s why it’s always our advice to take your time when choosing the right Realtor® for you.
Are you looking for a local, qualified, and experienced Realtor to help you on your upcoming home search? We’ve helped countless millennial homebuyers find homes that are ideal for their unique list of needs and wants. Simply contact us here to get started.