Start Saving to Buy Your First Home

by Janet Beane 2018 President, Lorain County Association of Realtors®

For many people, especially today’s millennials, the American dream of owning a home is exactly that: a dream.

While this group were still children, or tweens, during the turbulent economic times 10 years ago, home ownership is still a priority to them. It may, however, seem that factors are stacked against them. This group tends to be well educated and have an entrepreneurial spirit that makes them creative with their money.

But for the millennials, if they want to achieve the American dream, a few critical steps will pave the way to the road to homeownership.

Get a handle on debt. This generation likes the idea of being their own boss, working from home, tele-commuting or starting their own side business while still working full-time. They can be very creative in developing money-making jobs with the Internet and startups are often part of their dream job, sometimes using credit cards to finance said businesses, which incurs much debt. Plus much of this generation has student loans they’re still paying off.

Like anyone interested in buying a home, focusing on reducing debt will help prepare them to qualify for a mortgage. When possible, cutting back on major expenses is a good way to start saving for that home.

Some ideas:

· Still living with your parents? Save that money that would be spent on rent. It can add up very rapidly.

· Keep your car longer, repairs and maintenance are still cheaper than a car payment.

· Cut the cable and maybe even the Internet. This generation is already using their smartphones and cellular data packages to watch TV shows and get the news.

Remember, the more they save, the better prepared they are to achieve the American dream of home ownership.

When the time comes to make the American Dream of homeownership a reality, make sure you utilize the expertise of a professional—a REALTOR® member of the Lorain County Association of REALTORS®. Worldwide technology and data exchange is a great tool, but you still need the expertise and local knowledge of a REALTOR®.

The Lorain County Association of REALTORS® is part of Ohio REALTORS®, the largest professional trade association in the state with more than 32,000 members and it is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than one million members involved in all aspects of the residential and commercial real estate industries.

Remember, home ownership matters. Do your internet research and work with your “partner” in your search for that special home: Your partner … your REALTOR®.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS®® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Associations.

Janet Beane