The millennial generation started entering the workforce at the height of a significant economic recession, which many thought would affect their lifelong financial trajectories. However, this generation represented 43% of those purchasing homes in 2022. On the border of New Jersey and Pennsylvania, Segal & Morel offers energy-efficient custom home building. Here, we offer up some tips to help millennials navigate the homebuying process.
Homebuying Tips for Success
The process of procuring a mortgage follows certain rules and requirements that everyone must meet. However, the millennials generally carry a high level of student debt. Other attributes describe this generation as well, such as delayed childbirth rates and a tendency to concentrate in larger cities. They have also maintained the American dream of owning their own homes. As this vital demographic enters its 30s and 40s, these homebuying tips can help them reach that goal:
Pay Off Student Loans
Significantly reducing and paying off student loans might be the most difficult item on this list. The same goes for other debts. But millennials have shown themselves to be masters at the gig economy, juggling several jobs, using ingenious life hacks to save money, and showing strong dedication to achieving goals.
With the assistance of a qualified financial advisor or accountant, strategies and plans for debt reduction are available. Paying off debt raises your credit rating, which is very important when it comes to qualifying for a mortgage.
Keep Saving for a Down Payment
The amount of down payment you’ve saved can help you qualify for a mortgage with a low interest rate. That leads to lower monthly payments and reduces the amount of interest you pay over the life of the loan. It also affects how much insurance you will need when first purchasing the home.
Familiarize Yourself with the Housing Market
Where do you want to live? Once you’ve identified the area, learn everything you can about it and the housing market. Investigate school systems, recreational opportunities, and the ecological health of the area. At Segal & Morel, we care deeply about the environment. We only build green homes using sustainable materials and Energy Star-certified appliances and lighting.
Get Pre-Approved for a Loan
This can be a game changer because you know exactly how much you can invest in your new home. It provides an important lens for viewing each neighborhood and each structure. Utilizing virtual tours, you can compare older homes with options for new construction. Once you understand the amount of investment required for a new home, you will want to make sure you are making a quality investment that will appreciate over time.
Work With a Trusted Home Builder
If you decide you’d prefer to choose your own design, it’s important to work with an experienced and trusted home builder. Segal & Morel has over 50 years of home-building experience in the Lehigh Valley. For the past decade, we’ve been building state-of-the-art green homes located in a beautiful planned community.
These homes are open to all ages, meaning millennials can live near great schools, cultural activities, and recreational opportunities. We also offer many different floor plans, some of which have versatile flex spaces. With commuters in mind, we’ve situated Riverview Estates West on the Pennsylvania and New Jersey border with easy access to Interstate 78 and US-22.
Millennial Home Buyers Choose Segal & Morel
Segal & Morel has worked with many diverse people within the millennial generation. Our passion is helping people to find a home that is well-situated, comfortable, and reduces carbon output. For more information about how we can build your new home, contact us today.