For many young or first time homebuyers, purchasing a home can feel intimidating. A recent survey shows some homebuyers ages 25 to 40 may be unsure about the homebuying process and what they can afford. Because they feel uncertain, many young homebuyers have given up on their search, or worse, they’ve decided homebuying isn’t for them and never started on their journey to begin with.
If you’re interested in buying but aren’t sure where to begin, here are three key concepts about homeownership you should understand before you get started.
1. What You Need To Know About Down Payments:
Saving for a down payment is sometimes viewed as one of the biggest obstacles for homebuyers, but that doesn’t have to be the case. There are many ways to navigate down payments for new buyers: Read another blog we recently published on all the info you need for this topic!
2. You May Be Able To Afford More Home Than You Think
Working remotely, exercising, and generally spending more time than ever in our homes has changed what many people are looking for in their living space. However, some young homebuyers don’t feel they can afford a home that suits their growing needs and have decided to continue renting instead. That means they’ll miss out on some of the long-term benefits of owning a home.
Knowing how much home you can afford when starting the buying process is critical and could be the game-changer that gets you from renting to buying.
3. Homeownership Will Become Less Affordable the Longer You Wait
Finally, with mortgage rates starting to rise along with home prices appreciating, putting off buying a home now could cost you much more later. Most experts forecast interest rates will rise in the months ahead, and even the smallest increase can influence your buying power. If you’ve been on the fence about buying a home, there’s no time like the present.
If you feel overwhelmed by the prospect of starting your home search, you’re not alone. Corken + Company believes in “Real Estate Solutions Without Limits” and can help you find the home of your dreams all while staying within your budget.