What motivates people to buy their first home? Ask 100 different people and you may get 100 different answers, from building equity to having more space to start a family. Buying a home is an exciting time for millions of people in America.
However, for many first-timers, the idea of buying a home can seem immensely intimidating. From meeting with a lender to getting a mortgage approved, the entire process is unfamiliar territory. If you fall into the category of an anxious first-time homebuyer, know that you’re justified. A recent survey showed that almost 70% of millennials regret buying their home — so how do you ensure that you’re not one of them?
There is no one-size-fits-all answer. There are numerous factors that play into buying a home, and everyone has different family situations, incomes, and credit histories. The key to knowing when and how to buy your first home is asking yourself the right questions beforehand.