More millennials want to buy affordable homes in Florida. Who doesn’t?! It’s the Sunshine State. With advances in building materials and techniques, now is the time. But you’re understandably cautious: how do you know you’re making a smart decision?
7 tips to help:
1. Buy Early
Start saving as soon as you can. Owning a home can open up other opportunities, and the money you put in builds your equity – not your landlord’s.
2. Don’t Assume a Home is Out of Reach
Affordable homes in Florida do exist. Buying does take some learning and education, so start now. Investigate. Research. Ask questions. We’re here to help.
3. Keep a Budget
Many Millennials don’t keep physical copies of their budget. Consider going “old school”: putting a budget on paper makes it more real. Psychologically, it helps you adhere to it. A budget helps you rely less on credit and to see where you can cut expenses in order to boost savings.
4. Keep an Eye on Mortgage Rates
Mortgage rates may rise or fall depending on the economy. Keep an eye on when the best and worst times to buy are. It’s impossible to really anticipate how things are going to shake out economically, so take advantage of good mortgage rates when they’re available.
5. Get a Home Inspection
When you’re looking at a home, get both a home inspection and a WDI (wood-destroying insects) inspection. These inspections help you identify costly damages or shortcomings you wouldn’t have noticed yourself.
6. Choose Energy-Efficient Homes
Affordable homes in Florida aren’t always affordable to run month after month. An inefficient home may cost less but you’ll rack up those energy bills. Prioritize energy-efficient home designs and features. Not only are these houses less expensive to live in, they’ll also build their value better years down the road.
7. Act Choosy
Millennials are an emotionally forthright generation. That’s great in a lot of ways. Just not when you’re negotiating buying a home. If you’re eager, keep your love for the home in check. Make sure your dream home also comes in at a reasonable price.
Ready to take the plunge? It’s more affordable than you think!