Navigating the Housing Market: A Checklist for Millennial Home Buyers in 2023

Millennials are now the largest generation in the United States and are starting to enter the housing market in droves. As a millennial home buyer, there are certain things you should keep in mind when you’re looking for a home.

Checklist of Things to Consider

This blog post will review a checklist of things to consider when looking for a new home.

Location

Location is one of the most important factors when buying a home. You’ll want to think about the proximity of your home to your work, school, and other amenities like grocery stores and restaurants. You’ll also want to consider the neighborhood’s safety and whether it fits your lifestyle well.

Budget

Before looking at homes, it’s important to understand your budget clearly. You’ll want to consider the cost of the house, closing costs, and other fees associated with buying a home. Considering the ongoing costs of owning a home, such as property taxes, insurance, and maintenance, would be best.

Size and layout

Another important factor to consider when buying a home is the size and layout of the house. You’ll want to consider the number of bedrooms and bathrooms you need and the home’s overall square footage. It would be best to consider the home’s layout and whether it will work for your lifestyle.

Condition of the home

When looking at homes, it’s important to consider the home’s condition. You’ll want to look for signs of wear and tear and any potential issues that could be costly to fix. It would be best to consider whether the home has been updated or remodeled, as this can affect its value.

Future potential

As a millennial, you may be looking for a home with potential growth and investment potential. Consider an unfinished basement or large backyard that could be converted into additional living space.

Energy Efficiency

As a millennial, you may be more environmentally conscious and looking for a home that is energy efficient. Look for features like energy-efficient appliances, solar panels, and double-paned windows.

Amenities and Community

Consider the amenities important to you when buying a home, like a pool, gym, or playground. Additionally, think about the community around you and whether it’s a good fit for your lifestyle.

Future Maintenance

Consider what kind of maintenance the house will require, such as the age of the roof and appliances, how long the HVAC system has been in service, and how much life it has left.

Homeowners Association (HOA)

If you’re buying a home in a planned development or a community with a homeowners association, find out what the HOA fees are and what they cover.

Get a home Inspection.

Finally, before buying a home, ensure a home inspection. A home inspector can tell you if there are any major issues with the home that you should be aware of.

Buying a home is a big decision, and it’s important to take the time to consider all of your options. By following this checklist, you’ll be able to find a home that fits your needs and your budget.

Checklist of Things to Avoid

As a millennial home buyer, there are certain things you should avoid when you’re looking for a home. This blog post will list items to be aware of when looking for a new home.

Location

While the site is important when buying a home, you should also be aware of certain areas to avoid. For example, neighborhoods prone to flooding, high crime rates, or poor school districts should be avoided. Additionally, it would be best to be mindful of your home’s proximity to busy roads or industrial areas, as this can affect your quality of life.

Overpriced Homes

Research the neighborhood and comparable home prices in the area. Be wary of significantly overpriced homes, as they may not be a good investment.

Fixer-uppers

While a fixer-upper may seem like a great deal, it’s important to consider the cost of repairs and renovations. Ensure you have a realistic idea of how much the repairs will cost and if you’re willing to take on that financial burden.

HOA-controlled communities

While homeowners association (HOA) controlled communities can have their benefits, they also come with certain restrictions and additional fees. Ensure you understand the HOA’s rules and regulations and that they align with your lifestyle before purchasing.

Tiny Homes

Tiny homes may seem like a great way to save money on a home, but they can also come with many limitations. Consider whether a small house will meet your space, privacy, and resale value needs.

Skipping a Home Inspection

Skipping a home inspection can be a costly mistake. A home inspector can identify any major issues with the home that you should be aware of, and you should always make sure to have one done before buying a home.

Not considering plans

As a millennial, you may be looking for a home with potential for growth and investment. Consider an unfinished basement or large backyard that could be converted into additional living space. Also, if you’re planning on starting a family or looking to buy an investment property, make sure the home you’re buying will meet your future needs.

I am not considering the neighborhood.

The neighborhood you live in can greatly impact your quality of life. Before making a purchase, make sure to look at the surrounding area, the crime rate, and the community in general.

I am not thinking about resale value.

While you may not sell your home shortly, it’s important to consider its resale value. Ensure you’re buying a home that will hold its value over time rather than depreciate quickly.

I am not getting pre-approved for a mortgage.

Before looking at homes, getting pre-approved for a mortgage is important. This will give you an idea of how much home you can afford and make your home-buying process smoother.

Buying a home is a big decision, and it’s important to take the time to consider all of your options. By being aware of these things to avoid, you can make a more informed decision and find a home that fits your needs and budget.