If you were born in the 1980s through mid-’90s, rented movies from Blockbuster and Hollywood Video, drew the Superman S, and knew how to make a cootie catcher, then you’re a Millennial. You also may be able to relate to the stats that show that Millennials are waiting to get married, have kids, and buy their first home. While we have no comment on marriage and kids, we do have some thoughts we’d like to share about Millennials who are interested in buying their first home.
While Millennials may have delayed buying their first home, that’s certainly not the case anymore. If you’re in your 30s and tired of rent increase notices and few options in the rental market, perhaps it’s time to consider becoming a first-time homeowner! After all, mortgage rates are below the 30-year average, and there are a lot of benefits to buying a new home – as well as exceptional inventory (::ahem:: have you checked out our Cedar Creek and Revival communities?!)
So if you’re a Millennial, why should you consider buying a new home?
Why Millennials Should Buy New Homes
There are a lot of reasons why buying a new home is a wise decision to make:
If it feels like there aren’t a lot of resale homes available, that’s not your imagination. According to MLS data, homebuyer demand continues to outpace available inventory. While this will eventually shift, resale homes are currently on mortgage rate lockdown, meaning that new homes may be the only reliable source of available homes for the near future.
Consistent Housing Payments
One of the most frustrating things about being a renter is watching your rent increase and being unable to do anything about it. Luckily as a homeowner, you’ll be able to lock in your monthly mortgage payment for the next 30 years. So as rent continues to rise at a minimum of 5% per year, you’ll no longer have to worry about that inflation.
When you’re a renter, each monthly payment increases your landlord’s wealth. When you’re a homeowner, each mortgage payment helps build your own equity and wealth!
When you buy a new house, it will be ready for you to move in and make it your home. That’s not always the case when you buy a resale home. Oftentimes, renovations and repairs must be made before your move-in date. Buying a new home also means you don’t have to factor in monthly repair costs because your new home comes with a warranty.
As a renter, you’re often limited in how much you can customize your rental home. Not so when you buy a new home! As a homeowner, you can completely customize your home to fit your needs – whether that’s a nursery, home gym, or some other side gig. Plus, our Design Center allows you to make your home yours!
Buying a new home means setting down roots and building your community. As humans, we desire a sense of community and stability. Owning a home can provide both of those things, which ultimately can lead to greater contentment. Buying a home in any of our Tim Lewis Communities means plenty of opportunity for you to become part of a vibrant neighborhood with incredible amenities such as parks, walking trails, and more!
Incentives to Buy!
Many new home builders will provide incentives to home buyers such as mortgage rate buy downs, offering Design Center upgrades, paying closing costs, and more! We’re no exception, and if you’re looking to buy and move into your new home stat, we’re currently offering a spectacular fall special on these homes:
Ready to Buy a New Home?
Timing the housing market is hard – it’s the first to feel a recession and often the first to come out of it too. Housing economists have noted that the housing market will not crash because of the incredibly low inventory paired with high demand – and the fact that this won’t change anytime soon. And although mortgage rates will eventually come down, the beauty of buying a new home right now is that you can always refinance. If you don’t buy now, you won’t be able to go back in time and buy the home you wanted but didn’t purchase.
We’re excited to help you in your first-time home-buying journey! Just contact us to get started!