The Millennials Guide To Buying A Home

If you were born sometime between the late eighties to the year 2000, you are a millennial. While many people bemoan millennial's as out of touch and entitled, statistics prove otherwise.

According to these statistics, millennials are the generation most passionate about justice. They are at the forefront of charity and non-profit work. Millennials also are not as lazy as people make them out to be: the average millennial works 3 jobs at a time to support themselves. And while millennials do spend a significant amount of time staring at their smart phones, they are also developing incredible technological advances that will benefit society as a whole.

One thing many millennials are struggling with right now is the housing market. There is so much working against them: the cost of goods and services, including homes and property taxes, continue to rise steeply, passing the mortgage stress test income requirement is incredibly difficult when full-time, long-term jobs with salaries, benefits and pensions are next to none, and most will spend years unable to save up for a down payment as they pay off student loans.

Many millennials have reported that they are not even allowing themselves to dream of owning a house because of how unrealistic it is for them these days; even imagining owning a home sometime in the future feels like a stretch. With so much working against them, it can feel like a hopeless cause.

If you are a millennial wondering how on earth to enter the housing market, you only need to do one simple thing: get advice from the professionals.

Sit with a banking expert to plan out debt management and long-term savings goals. Become financially literate; the biggest downfall of our schools is how little students learn about things like RRSP's, taxes, loans, mortgages, etc. Don't just hope for the best: make a plan. Financial advisor Dave Ramsey says, "if you are willing to live like no one else, one day you can live like no one else." Be intentional.

Meet with experienced home owners. Ask them questions: what is the best thing you ever did? What is the worst? Learn from their wins and their mistakes. This will help you to get a better idea of what it takes to own a home, such as managing unexpected repairs or how to successfully own an investment property. Find a mentor.

Meet with me, your real estate professional. Let's talk about your goals so I can help give you realistic advice that will produce the best possible outcome for you. After working will all types of homeowners, from first time buyers to retirement home sales, I know all the ins and outs of this industry. My experience is your advantage. You can call me anytime at 403-630-6363 so we can schedule an appointment for us to make you a game plan.

Don't be discouraged; the best is yet to come!

Posted by Ken Richter on


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