Homeownership is still a goal of millennials and older Americans alike. But how can you possibly achieve your dreams of owning a home with so much going on in your life? From saving money to selecting the right property, there are several things you can do to reach this goal. What holds some younger Americans back from buying homes, and how does one deal with the financial obstacles to homeownership? Here are some thoughts from an experienced home inspection company in Fresno, CA.
The reason younger millennials aren’t buying
While many older millennials either already own homes or are in the process of buying, younger millennials are finding homeownership a lot less attainable these days. The top reason they aren’t buying? Too much student debt. This is unfortunate. So, what can younger millennials do to put themselves in their own homes sooner? Here are some ideas:
- Move back home: There’s no shame in moving back home for a short time after college. Ultimately, for one reason or another, you could end up back with your parents at any time in your adult life. After paying for transportation, health insurance and other necessities, put all other cash toward paying off your student loans. If your parents are kind enough to not charge you rent, apply what you’re saving in housing costs, too.
- Work a couple jobs: The more money you make, the more quickly you’ll pay things off. It can also boost your income, add work experience and teach life skills. Younger people can survive working two jobs, which may end after the loan is paid off.
How to overcome financial obstacles in the way of homeownership
Are you overwhelmed by the financial aspects of owning a home? Here are a few steps you can take to overcome them:
- Set priorities: The reality is that it takes money to become a homeowner. You need money for a down payment, closing and moving costs and the monthly mortgage payments. There also needs to be money in the bank for home maintenance and emergencies. In short, you will have many home related expenses to account for.
- Watch your spending: A quick way to save quite a bit of money is to keep non-essential spending to a minimum. This list includes dining out regularly, daily coffee runs, going to the local pub and taking expensive vacations. But since you need some form of a social life, you don’t have to think you have to cut all of these pleasures completely. Simply scale back on these things and put the extra funds toward a down payment for your first home.
- Get a second job: Working a second job is not unusual these days, and what better reason to get a second job than to save money for a house? Many folks with regular weekday jobs are taking on second jobs as ride-share drivers. A job like this lets you work nights and weekends so it doesn’t interfere with your main occupation.
Once you finally find your dream home, don’t forget to schedule the all-important home inspection. This service is both required and beneficial. When you are ready, contact WIN Home Inspection. We’ve been a reliable and trustworthy home inspection company in Fresno, CA since 2009, and we look forward to working with you soon!
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