Today I want to speak about some common mistakes that I see Millennial home buyers making when they set out to buy homes. This is going to be brief, because we’re in the busy summer market here in Salt Lake City, but here is what you need to avoid:
- Overestimating how much you can buy: You want to be able to comfortably afford a home when you buy it. A lot of people fail to calculate the monthly expenses of owning a home such as maintenance and repair, as well as insurance. I recommend visiting a qualified lender before committing to buying a home, because he or she can tell you what kinds of properties you can afford, and this will make your home search much easier.
- Don’t let your emotions get the best of you: I want you to make a top 10 list of the most important things that you need in a house. When you finally buy a home, there will probably only be 5 or 6 things from that list in your home, but you then need to decide which of those things are the most important to you.
- Buy with the end in mind: Most people live in a home for around 3-5 years, and when you sell it back, you need to be able to make a profit off of it. Whatever you buy needs to have a broad appeal for the next buyer.
Hopefully these tips can help you out when you’re looking to buy a home, but if you need any more help when you’re buying or selling in Salt Lake City, please don’t hesitate to contact me.