Home Buying Advice From the Pros

By Michael Reilly on December 5, 2017

In a recent “Yahoo Finance” article, Jonathan and Drew Scott of HGTV’s “Property Brothers” 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.

via Pixabay.com

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 to pay to 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. Besides your credit score, what are some important element 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 suggests 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.

By Michael Reilly

Uloop Writer

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