If you are a millennial, it’s likely that you are thinking about your first home purchase. You’ve probably spent some time doing research on how to procure your dream home, but here are a few other things millennial homebuyers should know:
One of the Best Ways to Grow Personal Wealth
As you know, buying a home is a huge decision and a purchase that you won’t want to take lightly. What you may not know is that investing in real estate is also one of the best ways to grow personal wealth! In fact, many of the wealthiest individuals in the United States have stake in some kind of real estate. Investing in real estate allows you to create a substantial monthly cash flow with high returns while working at your own pace to build your wealth.
Time is on Your Side
As a millennial, you have some of the best years of your life ahead of you. At your young age, buying real estate now puts time on your side. As you continue to pay your mortgage each month, more and more of the payment will go towards the principal balance of the property, giving you equity in your home.
Take Advantage of Low Interest Rates
Rates are currently at all time lows but that won’t last forever. If you are considering a home purchase, you will want to take advantage while you can. A lower interest rate can make a huge difference in what you pay each month towards your mortgage loan. When you start adding kids, pets, and other financial commitments to the monthly budget, this can make an incredible difference in maintaining your desired lifestyle.
An Investment in Your Future
Most millennial homebuyers are looking for that perfect little starter home – a place all of their own. If you are searching for a starter home, chances are you have worked hard for your money and are ready to reap the rewards. Did you know that your starter home can be a gift that keeps on giving? A starter home purchased now can easily be turned into a rental or investment property in the future.
At Substantia Realty, we have worked with many millennials to find their perfect starter home or investment property. If you are a millennial in the market for a new home or simply have questions about the real estate process, we would love to hear from you. Contact us to set up a free consultation where we can go over the various options available to you in the Houston real estate market.