Suzanne Delyon’s Advice for First-Time Millennial Home Buyers

Potential Home Owners Know Where to Start Thanks to Suzanne Delyon’s Real Estate Experience

MCLEAN , VIRGINIA, UNITED STATES, January 22, 2019 /EINPresswire.com/ -- Buying your first home can be a daunting task for millennials. Especially since there are now fewer homeowners in the millennial age group. According to Urban Institute, the home ownership rate for millennials was a full eight percentage points lower than Generation X and baby boomers at the same age. People born between 1981 and 1997 have fewer friends to get advice from on buying homes. Suzanne Delyon provides a few tips for millennials that are looking to break the mold and purchase their first home.

Suzanne Delyon first advises new buyers to pay off all debt and build an emergency fund. Many first-time home buyers fail to realize that owning a home is more expensive than renting. The monthly house payment may be cheaper than your current monthly rent, but as a homeowner, you are responsible for maintenance and upkeep. Suzanne Delyon says “It is crucial to have an emergency savings of at least three months of expenses to cover any unexpected repairs or large expense on improving the home. When renting an apartment or home, typically the landlord is responsible for repairs. Now that you’re a homeowner, it is your responsibility.”

Secondly, Suzanne Delyon advises to aim for a home that is affordable to your current income. She suggests purchasing a home with monthly housing costs no more than 25% of your monthly income. These costs include HOA fees, taxes, insurance, and utilities. Also, property tax rates and the cost of homeowner’s insurance varies. Suzanne Delyon advises to check with you real estate agent and insurance company to get a better estimation on the type of home you can afford.

Suzanne Delyon also advises to save for closing costs on a home. Closing costs typically range from 3-4% of the purchase price of the home. These fees pay for important steps in ensuring a successful home purchase including: an appraisal, home inspection, credit report, attorney, and homeowner’s insurance.

Lastly, Suzanne Delyon tells first-time home buyers to get preapproved for a loan. Once you have enough cash to pay for a down payment for a home and closing costs, it is time to speak to a mortgage lender. Not only will getting preapproved for a mortgage loan help speed up the home buying process, it will let sellers know that you are a serious buyer. You will need to verify your financial information and apply for a loan for preliminary underwriting.
Suzanne Delyon tells millennials “home buying can be a long, tedious process, and will most likely be the largest purchase of your life up to this point. But if you undertake the necessary actions and planning, home buying will be a better experience and you will get the most bang for your buck.”

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