Aside from social media, the internet and modern technology, millennials are also interested in buying their homes even when you think that some of are too young to think about it. With the stress of paying the monthly rent, they want to have their own place. Many Millennials want to build equity in their own home as opposed to paying rent. so They look forward to having their own houses.
According to Jim Blankenship, a veteran financial planner, ”To afford a home and qualify for a mortgage, sacrifice is often necessary.”
Here are some tips for millennials who wants to buy a home.
Lessen your debts.
If you want to start saving for a house, the first things that you should do are to lessen your debts and cut expenses. ”The interest rates charged on most credit cards are ridiculously high. All that interest can eat you alive, think about taking a second job. Or try to get overtime at your regular job, assuming overtime is available,” he says.
Lessen your discretionary expenses.
Millennials are too sensitive with their monthly rent expenses and their savings but most of them spend too much money on foods, (eating out), clothing, and gadgets. If buying a house is your priority, you will need to stop doing those things.
Sell some of the things that you don’t need anymore.
Want to pump up your savings? Sell some of the things that you think not worth keeping anymore. You can also think that if you really want a house, you’ll do something to achieve it and you will help yourself to do some sacrifices.
Source: http://www.chicagotribune.com/
