We’ve seen it in many feature articles everywhere, but is it true that millennials don’t have the ability to buy their own house? Homes are big purchases. In fact, these are among the biggest decision a person can ever make in their lifetime, along with cars, businesses, and other properties. So, with the current state of the economy, it isn’t surprising that many millennials think they will never be capable of owning a house. Of course, it won’t be an easy path, but it’s certainly something everyone should consider a worthwhile investment.
Owning a house involves a lot of work and it all starts way before you sign that contract. Your budget might be the biggest factor you need to consider, but it’s only the beginning. There are other elements such as the location, market trends, property taxes, and homeowners association dues that should be looked into before making that big decision.
Owning something brand new is an exciting prospect to think about. When it comes to homes, new ones have a higher tendency to appreciate faster compared to an already existing property. You’ll also be the first to use all of the amenities it has. But if budget is your concern, you should remember that building an entirely new home generally costs more than buying an already built one.
So, if you’re a millennial ready to make that big step, start by deciding whether you want to build or buy. Each option comes with its own advantages and disadvantages. Here’s what you need to know:
Buying an Existing Property
There are two things that make this option the more preferable one: cost and convenience. When you’ve finally secured a pre-approval from your chosen lender, your search begins until you can finally make an offer. Enlist the help of a competent real estate agent who will guide you through the process. Not only will they help you look for the right property that fits your needs; they’ll also be able to negotiate for you and take care of all the paperwork involved. When your offer has been accepted, you can move in as soon as possible. In most cases, it’ll only take a month or so.
The cost is another factor that makes buying an existing property the right choice for you. While it’s not something that’s 100 per cent guaranteed all the time, this option may actually allow you to reduce your expenses. When you’ve decided on a property, use a mortgage calculator to get an estimate of the costs you’ll need to shoulder based on recent interest rates.
Building a New Home
At first, this may sound like a less advantageous choice. After all, you’ll have to look for the ideal land property for sale in Townsville and other locations, hire the right architect and builder to work on the construction, and monitor all the other factors involved. But here’s what makes it the better option: You get to dictate exactly what and how your property should look like. For many millennials, this alone is enough to make them choose this route.
There are other benefits, too. When you can have a hand on the construction, you can be absolutely certain that there won’t be any toxic construction materials used to finish the project. Say goodbye to mold, asbestos, and lead paint.