Tuesday, 26 September 2017

Millennial Solutions to first time homebuying

Written by Posted On Monday, 19 September 2016 18:50
Grow your money Grow your money

In my last post, I covered the challenges that Millennials face due to new rules governing student loans and qualifying for a home mortgage. Young homebuyers need to employ a strategy for navigating their finances starting with high school graduation! A stagnant job market and ever increasing student loan debt force Millennials to postpone some of the things that other generations dove right into. For example, it would be wise for young college grads to postpone buying that first brand new car in order to avoid a five to seven year loan payment. Instead, purchase a reliable, late model used car in the $2,000-$10,000 range and pay cash, if possible. Starting a regular "pay yourself first" savings plan immediately after college by putting aside a set amount or percentage of your income in a savings vehicle before calculating take home pay is a good idea. Begin good savings habits now. Finally, don't be afraid to bask in the love of your family by living at home for as long as is mutually tolerable! Offer to pay a small stipend for rent and other expenses to Mom and Dad and bank as much money during that extended family time as possible. Think in terms of a slower, more humble approach to your career and life that will pay huge dividends when you finally purchase your first home. Your self discipline now will result in a much more fruitful future!

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Dan Wolk

Dan began his career in 1986 as one of the pioneers in the discount real estate business model in Central Florida and was one of the top ten real estate agents nationally within the Help-U-Sell Real Estate franchise for four years running. The winning combination of providing top level service with a variable commission structure designed to SAVE consumers thousands of dollars has made him a perennial "thorn in the side" of the big real estate franchise agents for decades! Over the years, Dan developed his own brand of discount real estate that still provides a "sellers choice" commission structure, while also focusing on superior customer service. Since 1986, Dan has added Real Estate Broker, Licensed Real Estate Instructor, Licensed Title Agent and and MBA to his resume, giving him a unique edge other agents simply don't possess. This arsenal of knowledge combined with unparalled problem-solving skills have made the difference for thousands of buyers and sellers for almost 30 years!

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