Young individuals in their twenties are not the most popular demographic group when it comes to home ownership. A recent report of the National Association of Realtors revealed a surprising global trend of larger number of millenials taking part in the real estate market.  According to experts, one of the reasons for the shift in the sector is the increasing rent prices. The wage growth and the technological advancement further encouraged the youngsters to enter the market. All those factors contribute to the upcoming millennial boom that the real estate is about to experience.  Whether you are in your twenties or you are a first –time home buyer, there are some essential things you need to consider before taking the plunge.

1. Be Realistic About Your Budget

Before you even start looking at different homes, you need to know how much you can spend. Many first – home buyers miss on a good deal, only because they are not sure if they can afford. Or they find the perfect home that is not within their financial means. Use the fixed budget as a clearance tool to filter the most economically feasible offers and narrow down the choices to what is most appropriate for you.  If you are taking a loan, consult with a mortgage broker. The expert will go over the papers and procedures with you and will help you make the most of your income.

2.Set Your Priorities

Everyone has their own idea of the dream home. Make a “wish” list with all the features that you consider important. After you finish, re – examine your list. Think what is absolutely necessary and what can be compromised. Consider aspects like location and the amount of clear space you need. Focus only on the most essential things. In this way the chances of finding a property that satisfy your needs and lifestyle are higher.

3. Hire a Professional

Hiring a real estate agent is tricky, but dealing on your own can be even tougher. No matter how bad reputation estate agents have, as a first time home buyer you need one. It’s all a matter of chance and good research. Ask relatives and friends to recommend you a trustworthy professional. Look for companies that are in the real estate business for a long time. Don’t underestimate the importance of a professional. The real estate agent will assist you through the entire process – from finding a proper home to negotiating the price.

4. Go With Your Best Deal

When you spot a good deal just accept it. Buying a home is a huge investment and many young buyers prefer to take their time and think it through. There is nothing wrong to consider all the pros and cons of an offer, but if you wait for too long, you risk losing a great deal.

5. Invest in Home Inspection

If you don’t want to spend money on junk removal and extensive repairs, hire a home inspector before sealing the deal. Use the home inspection to lower the property’s price or to make them cover the costs of the clearance or home improvements.

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