Looking to buy Kansas City homes for sale? Generations may change, but some aspirations remain universal. Case in point: The dream of homeownership. Indeed, owning your very own home remains a cornerstone of the American dream, as it represents accomplishment, stability, and prosperity.
This is true even for millennials—the generation that would rather take an Uber than buy their own car. In fact, according to a study by Coldwell Banker, one in four couples aged 18-34 sign a deed together—before they even get married. As such, millennials are very much attuned to the prospect of being homeowners.
However, a few challenges to buying a house confront millennials, who are usually starting out in their careers and therefore don’t enjoy the same financial capacity as older individuals. What moves can they employ if they’re keen on buying on of the many Kansas City homes for sale?
Have a Sterling Credit Rating
This advice applies to all would-be homebuyers, but proves especially important to millennials. As you might know, your credit rating is a major factor in determining your mortgage’s interest rate. The higher that number is, the lower the interest rate applied to your loan and the greater the savings you’ll enjoy over the tenure of your mortgage. To raise your score, be sure to never miss any bill payments, pay off any outstanding credit card bills, and don’t take on any more loans until you reach a healthier rating.
Save Up for a Bigger Down Payment
Unless you were born with a silver spoon, you probably don’t have the money to buy a house in cash. Like most homebuyers, you’ll likely need to place a down payment and then pay off the balance with a home mortgage. However, here is the thing: The bigger your down payment is, the smaller the mortgage you’ll need to take out, and the lower the interest payments you’ll need to make over the following 15 to 30 years. Naturally, you’ll need to make some sacrifices if you wish to save up for a bigger down payment, including moving back into your parents’ home for the time being.
Ditch the Car
If you are one of the ever-dwindling millennials who still owns a car, you might want to sell the vehicle. Doing so can reduce your monthly bills by hundreds of dollars a month—a hefty chunk of change you can then use towards paying down your debts for a healthier credit score or funnel towards your down-payment slush fund. Don’t worry about being without wheels, thanks to the “sharing economy” options, such as Uber and Lyft. These services allow you to get around town hassle-free and affordably.
Get a Side Hustle
Millennials have the advantage of prodigious multi-hyphenates; they’re professionals who possess a diverse skill set. For instance, it’s not uncommon for a millennial to be a graphics artist/writer/blogger. If you’re set on buying a home, why not consider taking on a side job in order to augment your income and make saving money easier? Many jobs can now be performed online and in the comfort of your own home, so, you can do them after your regular 9-5 gig.
You can’t get the best deal if you don’t examine the options first. This is why you need to look at different communities and view different properties to gain a sense of price ranges and features meeting your demands. One way to make this task easier is by hiring an exclusive buyer’s agent who can provide you with suitable options that fit your budget and needs. They know many pieces of the puzzle when it comes to finding the right Kansas City homes for sale that are unknown to the casual buyer. Therefore, they can offer you options not seen on Zillow, Trulia and other online listings.
A home is a great investment, no matter which generation you belong in. Hopefully, the tips here will help you land your dream home in the near future. But don’t go it alone. Consider the pros and advantages of hiring T.J.Lamb Real Estate, exclusively serving home buyers only in the Kansas City area.
T.J. Lamb Real Estate – (816) 224-4393.