It’s no secret that buying a home can lead to long-lasting financial wellness. Whether you’re a recent graduate with a fresh new job, or a long-time saver finally ready to invest in the Bayonne market, we’d like to take a minute to congratulate you. You’re about to embark on the exciting journey of homeownership!
As a millennial, you understand the importance of research. After all, when it comes to real estate ventures millennials are considered some of the pickiest customers. They’ve seen the fall and crash of the 2000s recession, and they’re determined to not make any mistakes. That kind of mindset is crucial when it comes to finding the right type of real estate investment.
So, to help you in your journey towards homeownership, here are 3 millennial-friendly tips to help you find success!
Review Your Finances
You’ve probably already started this part, but it’s an important one. In fact, after you’ve personally consulted your finances, we recommend reaching out to a professional to continue the job.
Meet with a local Bayonne lender to see about getting pre-qualified for a mortgage. During the pre-qualification process, the lender will go over every aspect of your finances. This includes your credit score, credit report, borrowing history, savings, current income, any outstanding debts you may have, and any assets you might have accrued. Then, the bank will give you a number: that’s how much they’re willing to lend you for a mortgage.
While it’s important to “shop around” (i.e. visit with at least two different lenders before deciding on one) for the right mortgage, this is a great first step to setting your budget.
Practice Constant Vigilance
Once you’ve taken care of your finances, it’s time for the fun part: searching for homes! This is where it’s good to be picky. Come up with a list of “must haves,” or, all the home features you can’t live without. This will allow you to find homes that are right for you in Bayonne.
As you begin scheduling home tours, keep this tip in mind: leave no stone unturned. Go through every detail of the home you’re touring with a fine-tooth comb. And, once you’ve decided to make a fair offer on a home, schedule a thorough home inspection.
After all, you want to make sure this home is absolutely perfect! Hire a home inspector that’s experienced in, well, everything! Carefully check the home’s foundation, roof, HVAC unit, plumbing, and be extra cautious in looking for the signs of termite infestations or other pest problems.
Work With a Real Estate Agent
Choosing the right agent will save you time, money, and something even more precious: your sanity. They’ll know the tough questions to ask home sellers, how to negotiate on your behalf, and how to guide you towards closing day with a stress-free smile on your face.