What Millennials Need To Know About Buying A Home

While homebuyers range in age from early twenties to seventies, eighties, and above, Millennials are slowly but steadily beginning to dominate the housing market. After years of renting and/or living with their parents, many Millennials are preparing to make the leap into homeownership. If you are one of the young adults getting ready to buy your first home at the Lake of the Ozarks, Arrowhead Title, Inc. is here to help you prepare. Keep reading to find a quick overview of some basic facts you should be aware of as you move forward.

You're Paying A Mortgage Either Way
If you're like most millennials, one of the primary reasons you've waited to buy your first house is because you assume that you won't be able to afford a mortgage. However, the truth is that owning a house can be just as affordable as renting one. When you rent, your rent check goes to pay your landlord's mortgage (as well as enough extra to cover repairs and for your landlord to make a profit). As the owner, you'll still be paying that mortgage, but you'll be the one who gets to enjoy the benefits of owning the property.

Three Is The Magic Number
Most experts recommend that you only buy a home when you plan to live in your new house for a minimum of three years. While it's true that owning a home can be just as affordable as renting, this generally only applies to people who plan to live in the same location three years or longer. Buying a house involves a lot of upfront expenses, so while your mortgage payment will likely be lower than rent on a comparable property, it will take a few years before the upfront costs are balanced out.

You'll Be Responsible For More Than Your Mortgage
As you crunch the numbers to determine how much house you can afford, don't make the mistake of assuming your mortgage will be the only cost of homeownership. As the homeowner, you'll also be responsible for covering the hard costs of insurance, property taxes, utilities, maintenance, and repairs. You'll also be financially responsible for any desired upgrades or remodels. Be sure to look at the big pictures while you balance your budget.

The Process Takes Time
Buying a home is a big investment, and as such, it can be a time-consuming process. It takes most people anywhere from several weeks to several months to decide on the home they wish to purchase. Even after you have found your perfect home, there will still likely be anywhere from 30-60 days ahead of you to finalize your mortgage loan. This isn't a bad thing, but it's important to give yourself plenty of time when preparing to buy a house.

Talk To A Lender First
Browsing homes online may be your first urge, but the process of buying property at the Lake of the Ozarks should actually begin by talking to a mortgage lender. Getting preapproved (or at the very least prequalified) prior to house shopping greatly simplifies and expedites the process later on. It also gives you extra credibility as a buyer and may encourage sellers to be more cooperative with you as you begin the negotiation process.

Consider Us Your Title Resource
Whether you're buying your first home or your tenth, our Lake of the Ozarks title company would be honored to help you with the process. Our experienced team has handled countless real estate transactions, and we're sure to have the expertise needed to bring your transaction to a successful closing. For more information about Arrowhead Title, Inc. visit our website at www.ArrrowheadTitle.com

The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!

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750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049


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