Many Millennial in their 20s and early 30s don’t want to own a home in a cookie-cutter subdivision or in a “boring” town lacking nightlife and hipster restaurants. For young potential homebuyers who dream of living in Denver’s hippest neighborhoods such as Uptown, LoDo, HiLo, Capitol Hill or Golden Triangle, it is crucial to hook up with a friendly and knowledgeable Realtor who can help you find a condo, loft or single-family home in your price range. According to a recent article by Realtor.com, there are several key issues that delay home ownership for Millennials. By meeting the challenges with fierce determination, you can find yourself owning a home in a Denver hip neighborhood before it becomes even more expensive to own.
Boosting credit score
According to a report by Realtor.com, 60 percent of Millennials surveyed said they need to boost their credit scores. In fact, this challenge was 7 times more of an issue for younger potential homebuyers. If you are struggling with the credit issue, pay off car loans and credit-card debt. Most people can’t afford to quickly pay off a college loan, but you can make sure you’re not in default.
Saving up for a down payment
If you are paying down debt and paying high rent, it is a major challenge to save for a down payment. Experts say 52 percent of Millennials don’t have the money for a down payment. Fortunately, Freddie Mac and Fannie Mae now offer a low down payment loan for first-time homebuyers. Talk to a reputable lender about options. Also, you can ask relatives to contribute to a down payment fund or use crowd funding to achieve your dream to live in Denver’s hippest neighborhood. Take photos of your favorite lofts and coffee bars to show friends and family how their monetary birthday gift will fund your life.
Other barriers to homeownership in Denver include high home prices. The survey showed 39 percent of Millennials could not locate a desired home within their budget. That’s where your Realtor can make a huge difference. Eighty-five percent of Millennnials refuse to give up on their dream of home ownership even if they have to wait another year or longer.
At Downtown Denver Realty, we work hard to help our clients find homes in the hippest Denver neighborhoods for an exciting single lifestyle or a home to raise a family. Talk to us about buying as a first-time home buyer or move-up buyer.