As I was looking for ideas for my article this week, I turned to a favorite source of mine. This source was Yahoo Finance for which I did an article on a the story of theirs just last week.
A few weeks ago, I began watching a series on the popular streaming service Hulu, it was an HGTV original series “Property Brothers: Buying and Selling”. Of course as those who are familiar with the series know that it stars twin brothers and partners in real estate, Jonathan and Drew Scott.
Do you see what I’m starting to get at here? Ohh...ok, well then let me help you out. As I got to the Yahoo Finance right away I saw an article from thestreet.com with some familiar faces. It was none other than the property brothers themselves, with the topic of discussion being millennials and home buying.
To be more specific, the Scott twins were looking to address a huge mistake Millennials are making when it comes to home buying. This mistake is simply just being too anxious to buy a home. Jonathan Scott mentions in the article “Never be desperate to get into home ownership...because that’s a great way to guarantee you’ll fail.” A major contributor to that unfortunate result as many would guess, is the student loan and credit card debt many millennials have on their hands. Because of that, it can be tough to save up for a down payment on a home.
As someone who’s both a millennial and eager about the prospect of home buying (or at least renting to start), there’s no denying how critical it is to take a deeper look into this topic in order to properly prepare. A couple of important elements Jonathan put some emphasis on were credit and organization, by saying “You really need to be diligent that your credit is in line and that you’re organized when you get into home ownership.”
So when it comes to home buying, as Jonathan said, your credit plays an essential role. For starters, you’ll likely take out a loan from a lender such as a bank. Your credit history is the determining factor when it comes to what loans you’ll qualify for as well as the amount of interest you’ll pay. Lenders are able to evaluate your credit history by obtaining your credit score. Their purpose for doing this is to get an accurate sense as to how likely you’ll be able pay be able to pay back your loan in a fixed amount of time. The bottom from all of this; the better your credit history, the better your chances of getting a loan.
Now having good organization will make just about any endeavor you embark on more successful. Beside your credit score, what are some important elements to have order before buying a home? In this bankrate.com article; “6 must do’s before buying a home” there’s common theme that stood out to me. The main idea to take away from this list is to plan ahead. Makes sense right? This isn’t something you want to “figure out as you go” Instead, the article highly suggest building up your savings while keeping things such as down payments and closing cost in mind.
At the end of the day, we all know how important home buying is therefore it’s essential to take the necessary steps towards being properly prepared.
