Particularly for millennials, many of whom are renting or living with their parents far longer into adulthood than past generations, homeownership is a dream come true. For many young adults, it seems like an impossible goal—but more and more millennials are successfully securing mortgages. However, making the transition from renting to owning is not a decision to be taken lightly—and you should be aware of some common red flags.
The Age of the Home
In the era of home renovation blogs and HGTV shows, the idea of buying a country farmhouse can be charming and romantic to many young couples. For a pair of newlyweds on a tight budget, a fixer-upper can look like a real diamond in the rough. However, when it comes down to it, plenty of agents find that buyers—especially commuters and former city renters—are not prepared to wield hammer and nail to turn their decrepit house into a home. If you’re not totally confident in your renovation abilities, consider a modern turnkey instead.
A Good Neighbourhood
Even for buyers with no intention of having children, being near a good school translates to a higher resell value. If your home is in a safe, quiet, family-friendly neighbourhood, you’ll not only feel better about sending your kids to school, but sleep more comfortably at night yourself. Knowing that your home is located in a safe district is a huge plus. When it comes to the health and safety of your family, there are no compromises worth making.
While remote workers might be fine with buying a house far out in the sticks, if you have to drive into the city every morning and evening for work, you’re likely to get sick of the commute pretty fast. Agents report plenty of discussions with prospective buyers who fall in love with a home that’s just a little too far out, simply because it possesses all the qualities they’d been dreaming of. Experts say that anything above a 30-minute commute time is excessive and likely to lead to burnout. After all, if you spend two hours on the road every day, that’s two hours you’re not spending in your new home.