If you are a young couple, or even a young single, buying your first home, you need to avoid this one critical mistake: Buying more home than you should.
Young people are strapped with all sorts of expenses these days. Student loans, car payments and other expenses can make a flat salary hard to stretch. While it often makes more sense to purchase a home instead of using that money to rent, many young people jump right into the home of their dreams instead of starting with something smaller that may need a bit of work.
Millennials tend to buy starter homes that are anything but "starter." They buy new construction, they purchase in new developments and they make sure the house has everything they desire.
This could be a grave mistake.
Even when millennials have the finances necessary to purchase a ready-to-move-in home, they may do themselves a favor by buying a home that needs a bit of sprucing up and putting their money toward renovations.
When people purchase a new build, it depreciates the day they move in. On the other hand, when people buy a fixer-upper and make changes, they add value to the home. Taking a property from eyesore to amazing can give buyers more bang for their buck. When they move out, they will almost always make a profit.
While it often makes better financial sense to purchase a smaller property that needs updating, buyers should also be aware of what kind of renovations they are looking at. If they aren't prepared for DIY, they will need to spend money on contractors to do the work for them. Realtors strongly advise researching wants and needs as well as desired neighborhoods. Knowing all of the options can help people make the right purchasing decision not only immediately, but for the foreseeable future.
If you are interested in homes for sale in Clayton County or the surrounding area, reach out to our office. We are ready to help you choose the perfect home for your wants, needs and budget.