Q Realty® | Albuquerque Real Estate | Albuquerque Homes For Sale

An Albuquerque Real Estate Company - People In "The Q" Use Q Realty®

Call Today: 505-750-0059

People in “The Q” use Q Realty™

  • Home
  • Property Search
    • Search by Community
      • Tinnin Farms
      • North Albuquerque Acres
      • North Valley Albuquerque
      • Downtown Albuquerque
      • Foothills North and High Desert
      • UNM Area
      • Sandia Heights
      • Far Northeast Heights
      • Uptown
      • Northeast Heights
      • Foothills South
      • Four Hills
      • Southeast Heights
      • Academy West
      • High Desert
      • Corrales
    • Newest Listings
    • Million Dollar Listings
    • Luxury Homes ($500K-$1Mil)
    • Single Family Homes
    • Condos & Townhouses
    • Foreclosures
    • Open Houses
    • Recent Price Reductions
  • Buyers
    • Buying with Q Realty®
    • Featured Listings
    • Mortgage
    • Open Houses
  • Sellers
    • Selling with QRealty
    • Listing Your Home
    • What’s My Home Worth?
    • Request a FREE Market Analysis
  • Find an Agent
  • Blog
  • About Q Realty®
    • Our Agents
    • Real Estate Licenses
    • Preferred Vendors
    • Career Opportunities
  • Contact
You are here: Home / Blog / Real Estate Tips for Millennial Homebuyers

Real Estate Tips for Millennial Homebuyers

September 4, 2019 John Kynor Leave a Comment

Determine why you want to buy

If you have any urge to become a homeowner at some point, think about your reasons for buying. Are you simply tired of paying rent? Are you looking for a long-term investment opportunity? Is home-buying part of your retirement plan? Really explore your motivation for owning a home, as it can direct your path when you eventually begin exploring mortgage options and playing around with different down payments.

Plan ahead

Home buying is not typically a spur-of-the-moment decision. If you’re thinking about buying a home in the future, you’re in an ideal position to set yourself up with a plan.

To be in the best possible position to save for and purchase a home, you want to pay down other debts you may already have. Pay off student loans, credit cards, and cars so that you’re in a prime position to save. However you decide to finance your home purchase, you’ll need to have a down payment and additional monies for closing costs. Depending on your budget, you could be looking at $30,000 or more needed to close on a home; get your finances in order and then journey down the road to homeownership

Get your credit in check

So, how’s your credit? Do you have credit? If you’re planning on buying a home, you need to have established credit and have kept it up.

If you don’t have credit established, now’s the time to start building your credit – having no credit is as much of a negative as bad credit when it comes time to apply for a mortgage. Apply for a credit card and start making small purchases with it; most importantly, pay off the balance each month. If you’re in the market for a car, you can finance part of your purchase to help build your credit score. If you have student loans, continue to pay them on time, as student loans are reported to credit agencies and your payments help build your credit.

Are you ready to buy?

While you may be in the position to purchase a home financially, is your lifestyle suited for homeownership? If you treat homebuying as a long term investment, you’ll want to consider the neighborhood and area schools if you have a family or plan to start one. You’ll also want to consider whether the home you can currently afford will be adequate to house a family if that’s part of your plan.

What’s your commitment level?

While details such as neighborhoods and school districts are practical considerations when buying a home, there are two real estate tips you want to follow closely before diving into homebuying. First, choose a home-type that matches your available time commitment. If you don’t have the time or desire to keep up with yard maintenance, a condominium may be the right fit for you. Second, consider whether you have the financial means to commit to property maintenance.

Renting appeals to many Millennials because many maintenance considerations are covered by the landlord or property management company. If your abode needs a new roof, you don’t have to worry about coming up with $10,000 to take care of it. If lawn care isn’t in the cards for you, or you’re not in a position to hire a company to take care of your property, you may want to wait until you’re in a position to oversee regular yard maintenance. Make sure you’re ready for the maintenance aspects of homeownership before leaping.

Get preapproval

Once your affairs are in order and you’re ready to start house hunting in earnest, take the time to get preapproved for a mortgage before heading out. Many real estate agents won’t show homes to potential buyers without a mortgage preapproval on the table, and it can easily mean the difference between you getting your dream home or losing out to the next buyer in line. Getting your financing in order will also give you a realistic picture of what you can afford in a house, which will help narrow down your available options.

When you’ve taken the time to plan for homeownership, you’ll find the process of closing on a home goes much smoother. Most importantly, try to take time to enjoy the most important purchase of your lifetime – you deserve it!

Tweet

Related Posts

  • Did You Receive the $8,000 Tax Credit After You Bought A Home In 2010?
  • "John was able to break things down for me..." Albuquerque First Time Home Buyer
  • FHA Mortgage Insurance Premiums to Increase - May Affect Albuquerque Home Buyers!
  • Albuquerque Mortgage Information By Loan Officer, Bess Daunis
  • What's the difference between a pre-approval and pre-qualification letter? - Albuquerque Mortgage Info

Filed Under: Blog, Featured Blog Posts Tagged With: Buying a Home, first time home buyers, Millennials

About John Kynor

John Kynor is the Founder, CEO & Qualifying Broker of Q Realty®. John has enjoyed over 15 years in Albuquerque real estate and is a multi-million dollar producer. He founded Q Realty® in 2012, which quickly became one of the top real estate companies in Albuquerque ("The Q"). Contact John at John@Qrealty.com with any questions.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Agent Directory

Find an Agent

Testimonials

Joe did not disappoint...

Frances S.
Broker-Joseph Szklarz

Read More

Mortgage Calculator

$
  %
  yrs
  %
$

Real Estate Search

Q Realty® is an Albuquerque real estate company and is locally owned and operated. Q Realty® or "The Q" was founded on the principals of outstanding customer service and we have earned the reputation of being the most “customer-centric,” honest, ethical and professional real estate company in Albuquerque. We treat our customers how we like to be treated.

Real estate used to be considered a sales industry and many companies still treat it as such, but not Q Realty®. Consumers do not like the feeling of being “sold” and neither do we. Instead we “serve” and “help” our customers with their real estate needs. As a result of our dedication to first class customer service Q Realty® earned a spot on Albuquerque Business First's list of the top 25 Real Estate Brokerages in New Mexico, as measured by the number of homes sold and the total value of homes sold by each brokerage

Q Realty® is comprised of only the most experienced and talented Real Estate Professionals who have reputations for delivering exceptional customer service. We specialize solely in the Greater Albuquerque Area, which includes Rio Rancho, Corrales, Placitas, The Village of Los Ranchos de Albuquerque, Bernalillo, Belen, Los Lunas, Bosque Farms, Tijeras, Zuzax, Edgewood, and the rest of the East Mountains.

We are Q Realty® and we specialize in “The Q”. If you are buying or selling a home in the Albuquerque area, please give us an opportunity to earn your business and contact us today.

info@theqrealty.com
505-750-0059
4333 Pan American Frwy NE Suite E Albuquerque, NM 87107
© 2021 Q Realty® | Albuquerque Real Estate | Albuquerque Homes For Sale

Sign Order Form | Sitemap | Log in