Does homeownership rank high on your goal sheet? If so, virtual high five, you’re in good company! Many from the Millennial and Gen Z generations are pursuing their dream of homeownership. In fact, a recent report indicated that a whopping half plan to apply for a mortgage in the next year.
Why is this a top priority for so many and what do you need to consider if this is one of your goals? Let’s take a look!
Top Motivators To Buy a Home
That first big question is why. Before you jump in the deep end of the homebuying process, it’s helpful to know why homeownership is so important to you. The same recent report I mentioned earlier also says:
- 95% believe the cost of renting is too high (Whoa!)
- 35% think owning a home is an important wealth building tool (so true!)
- 16% seek the sense of security owning a home provides
- 37% plan to use it as an investment property (a new trend among first-time homebuyers)
Perhaps one of these describes you? Even if not (no worries), there can be many other financial and non-financial reasons why you may want to buy a home. While your top motivator may be different than that of your friends, they’re all equally valid and worthwhile, you do you boo!
Key Obstacles and How To Overcome Them
Let’s be honest, buying a home can be intimidating, whether your homeownership goals come from the heart or are driven by financial aspirations (or both). Getting the lowdown on home buying 101 (you’ve come to the right place!) — from getting pre-approved, exploring down payment options — and guidance of a trusted real estate professional (Bethany at your service!) can help you overcome both.
Wondering what those hurdles are? Here’s a look at two of the obstacles that potential homebuyers may face:
1. The Mortgage Process Can Be Intimidating
Never have truer words been spoken. Mortgages are complex beings with no one-size-fits-all solution. Finding your way in the space very much depends on your unique financial snapshot.
While a quick search Google search is good for some things (like finding what color to paint your living room), it may not get you the information you need to understand the full mortgage picture. So, what will help you the most? Lean on a true expert — having trusted professionals on your side can help you to learn what it takes to achieve your dream of homeownership. Not to mention, an expert can give you advice specific to your situation, not generic advice like you’ll find online.
2. It’s Hard To Know How Much You Need To Save
There’s a huge secret that not many people know. There’s a growing number — over 2,000 — of super amazing down payment assistance programs available nationwide to help relieve the pressure of saving for your first home.
More good news, as the housing market cools, buyers are regaining some negotiation power and more sellers are willing to work with buyers to help with closing costs. Understanding what’s out there and the options available may help you achieve your dream of homeownership faster than you thought possible.
If you’re serious about becoming a homeowner, know it may be more in reach than you think. Lean on trusted professionals to help you overcome challenges and prioritize your next steps.