Advice for First-Generation Homebuyers

Advice for First-Generation Homebuyers

The sense of pride you’ll feel when you purchase a home can't be overstated. For first-generation homebuyers, that feeling is even greater than for other generations as they have to shoulder the weight on themselves and take responsibility in making sure there are no regrets down the road with their investments

The joys we get from buying our own place come not just because it's ours but also because its ownership represents so much more than an individual asset - these houses represent opportunities taken by those who came before us (the ones without luxuries); accomplishments made through hard work; milestones reached after sacrifices were made along life's journey.

AJ Barkley, Head of Neighborhood and Community Lending for Bank of America, says:

“Achieving this goal can create a sense of pride and accomplishment that resonates both for the buyer and those closest to them, including their parents and future generations.”

In other words, your dream of homeownership has far-reaching impacts.As you begin your journey, here are three helpful tips to make that dream come true.

It’s important to reach out to a trusted advisor early in your homebuying process. Not only can an agent help you find the right home, but they’ll serve as your expert advisor and answer any questions you might have along the way.As the graph shows, your agent is a great source of information throughout the process. They  assess a home’s condition, and negotiate a contract that has the best possible terms for you. These are just some of the reasons having an expert in your corner is critical as you navigate one of the most significant purchases of your life.

The second piece of advice for first-generation homebuyers is practical: do your research so you know what you can afford. That means getting your finances in order, reviewing your budget, and getting pre-approved through a lender.

Many homebuyers believe the common misconception that you can’t purchase a home without coming up with a 20% for a down payment. As Freddie Mac says:

“The belief that 20% down is necessary can be the most damaging myth—since it stops the homebuying process before it can start"

This chart gives a more down to earth figures which will help educate you in your journey.

 

By working with your real estate agent they can give you a better idea on what kind of down payment is right for you.

  • 73% of first-generation homeowners say the safety and security homeownership provides is of increasing in importance.
  • Nearly two-thirds of first-generation homeowners say the importance of building equity in a home is growing more important as well.

Bottom Line

Being prepared and working with a trusted expert is key to achieving your dream. Let’s connect today so you can get started on your path to homeownership.

Lamont "Ben" Orr - The Orr Team eXp Realty 720-425-3365

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