How to Buy a Home (and Make Money) as a Millennial
Updated: Apr 25, 2019
There’s a reason a record-low number of young adults think buying a home is a sound investment. The vast majority of millennial don’t understand the potential for returns on a property investment. They don’t realize they could make consistent income from renting out an owned home, or the profits that can come from selling a home when the market is hot. If you’ve been considering joining the market for a property purchase as someone under the age of 38, now is the time. Here’s how to make real money as a millennial property investor.
Stop Renting – Start Owning
It comes as a surprise to many young people that buying a home can actually be cheaper than renting – both in the short-term and long-term. Eighty-six percent of millennial homeowners say it’s more affordable than renting. Monthly payments in the form of a mortgage agreement are typically cheaper than the average rental rates, saving you money month to month. Over the years, owning a home will give you an asset you can sell or rent later. You don’t get anything out of renting other than a roof over your head. The sooner you choose to own your home rather than rent, the better for your future financial stability.
Work With a Professional
Buying a home is not the time to skimp on professional assistance. Unless you have experience in real estate, you need to work with certain professionals to ensure a successful investment. Hire a financial planner to start the process of budgeting for a new home. A financial planner will analyze different investment opportunities, help you save for a down payment, and help you understand the benefits of buying a home.
Next, partner with a real estate agent. A realtor is the key to easily finding a property that fits your wish list and budget. A realtor can also be instrumental in the all-important task of bidding on the home you like. Without a skilled negotiator advocating for you, you could end up paying too much for a property – or losing out on one you’ve fallen in love with to a more aggressive bidder. Arm yourself with experienced professionals to make the home-buying experience easy, stress-free, and rewarding.
Don’t Neglect Property Maintenance
Property maintenance is key to maximizing the returns on your real estate investment. In today’s DIY-friendly world, it can be tempting to fix property problems yourself to save money. Realize, however, that inexperienced repairs could actually cost more than it saves you in the long run. Patching a leaky pipe on your own, for example, could result in a burst pipe and a flood that costs you thousands of dollars to repair. Hiring a professional to fix a leaky pipe would be a modest investment by comparison.
Start your investment portfolio on the right foot by combining property maintenance with smart, modern technology. Contact Home365 today and enjoy personalized, affordable maintenance solutions you can trust. Home365 uses patented artificial intelligence algorithms and an enormous database of past home improvement transactions in your region to come up with all inclusive Property Management solution. Make the most of being a millennial investor with help from Home365.