Millennial Myths About Home Buying

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Don’t let these common misconceptions stop you from getting the home of your dreams.

While millennials are quickly becoming the largest group of home buyers in the market, many are dissuaded from house hunting due to common myths about homeownership. To ensure that these popular misconceptions do not stop you from finding the home of your dreams, here is the truth behind these millennial home buying myths.

Myth 1: I Can’t Buy a Home Because of My Student Debt

While many millennials believe they cannot enter the real estate market due to their student debts, these debts do not exclude you from home ownership. Before you completely give up your dream, calculate what you owe on your student debts and decide if you can manage your loan payments along with mortgage payments. You may be surprised to learn that you have the financial resources for both.

Myth 2: Mortgage Payments are More Expensive than Apartment Rent

While you might assume that it’s cheaper to rent than make monthly mortgage payments, this isn’t generally the case. Because the current rental market is saturated with millennials, retirees, and families, rental rates are skyrocketing in many areas across the country. If you plan to remain in an area for five years or longer, your mortgage payments can actually be far more affordable than renting in that same area.

Myth 3: I Can Save By Ditching My Home Inspection

Because they are investing so much money on purchasing their home, many millennials are looking for a way to save on their closing costs. However, you should never skimp when it comes to your home inspection. Your home inspection is the best way to get a professional assessment of the property’s damages, code violations, and other issues, and essentially allows you to know what you are walking into. While skipping your home inspection now will save you a bit of money at the outset, you will just be setting yourself up for more serious repair costs in the future.

This is the truth behind some of the most common millennial home buying myths. Are you looking to find your dream home in the Hermosa Beach Area? If so, contact the experts at Brighton Escrow to get the top-tier escrow service you deserve. Serving the Hermosa Beach area, we are ready to make home buying and selling a breeze.