Why is it more Difficult now for Millennials to Buy a Home? - Mortgage Guys
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Why is it more difficult now for Millennials to buy a home?

Planning and taking time with your priorities can help save you a lot of time and stress if you’re a first-time homebuyer. Primarily, determine the type of home you want, the price you can reasonably afford and allow for unforeseen extras.

Live a dream and not a nightmare

Most everyone has their dream about living in the ideal home, in a wonderful area and enjoying the perfect lifestyle. So, what’s wrong with that? Sometimes though, this dream can become the proverbial nightmare for an inexperienced and unprepared first-time homebuyer in Guelph. In certain instances, you can get carried away by the task at hand and just have this amazing vision of finding the perfect home for your future family!

Be prepared is a motto made famous by the Boy Scouts, but it’s one that is significant when related to a first-time homebuyer in Guelph. Instead of charging around like a Mission Impossible addict, take some time out to consider, discuss and review your home-buying priorities. This can be helped by not being shy about asking advice from various property professionals, preferably in the area to which you intend settling.

Getting to the basics

You could be thinking that buying your first home is like a walk in the park; you look, see and buy! Wrong! Before you do anything else make sure you have secured the down payment and arranged a mortgage facility. Although variable, it’s usual to deposit an amount that equals at least 10% percent of the purchase price. As a first-time homebuyer in Guelph, you could be asked for as low as 5%. One factor to consider here is starting off on a smaller scale to ensure you don’t overextend yourself with the loan repayments.

Be sure to make allowances for unforeseen contingencies, especially if you are relying on two incomes. Determine the highest price for a home that meets your budget, taking into account net income, all living expenses.

Now confronting reality

Millennials have well-paying jobs and want to start families, but if you are in that segment and a first-time homebuyer in Guelph you could encounter an unforeseen market-related reality: You have reached a stage where you are ready to buy your home! However, you are probably considering a housing market segment that has the fewest number of homes available for sale on record.

This is aggravated by the fact that those for sale are priced at values generally inaccessible to first-time homebuyer in Guelph. The result is that this housing market is booming, but for those with cash to spare and to a large extent, prohibitive to a millennial, seeking to buy their first home. So, be prepared to negotiate that dream home into a reality!