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7 Mistakes Millennials Make When Purchasing A Home

7 Mistakes Millennials Make When Purchasing A Home

Millennials – they’re the generation between 18 and 35; the new young professionals; the recent graduates, and they’re also coming into the housing market in droves. Usually, they’re also first-time homebuyers, which means that they have the potential to make mistakes in the home-purchasing process.

Here are the top seven mistakes millennials make when they purchase a new home. Whether you consider yourself part of the generation or you’re just looking to ensure your home search goes as smoothly as possible, these tips should help any potential homebuyer.

Mistake #1: Not Getting Pre-Approved

Buying a home should never start with searching for listings online. If you’re serious about buying, start by meeting with a lender. Although that seems backwards to many first-time homebuyers (“Why would I talk to someone about getting money for a home I haven’t found yet?!”) it’s going to help you in the long run.

When you get pre-approved for a mortgage, it means you have met with a lender and showed them your credit report, debt, income, and assets in order to provide a picture of your finances. With that information, they will draft a pre-approval letter – something that tells you how much money you’re potentially qualified for, but isn’t a guarantee of money. Realtors look for a pre-approval letter when working with you because it shows you’ve done your homework and you know your price range. Sellers expect a pre-approval letter with every offer because they know there’s a better chance of you actually getting the mortgage to buy the home.

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Mistake #2: Not Hiring A Realtor

In the age where you can buy virtually anything online, many millennials believe that they can purchase a home through an online listing service. They look at Zillow, Redfin, and Trulia, find the perfect home, and contact the listing agent.

Let’s stop there. This isn’t to say that looking online isn’t a great idea to see what kinds of homes are in your price range. In fact, it’s an excellent way to be prepared to look for the type of home that’s in your budget, including size and location. However, if you think you can do all of your home shopping by yourself through the internet, think again.

When shopping for homes on online listing services, you’re not really getting the full picture or price. The home might have smells, sounds, or sights that you’re not seeing while looking at the photos on the listing. Not only that, if you’re interested in a home and reach out to the listing agent, they’re not going to have your best interests at heart. They’re legally bound to the seller, so you may not get the best deal. That’s why it’s extremely important to first talk to a mortgage lender to see how much you could afford, and then work with a realtor who can help you avoid paying extravagant amounts of money and walk you through different options of homes that are within your price range.

Mistake #3: Buying More House Than You Can Afford

While looking online for a home, another mistake millennials make is looking at the estimated mortgage payment and thinking, “Hey, I can afford that!”

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Many times, the monthly mortgage price on the listing doesn’t account for insurance, taxes, HOA fees, Personal Mortgage Insurance if your down payment is less than 20%, or other utilities and maintenance costs. Purchasing a home costs much more than the dollar amount listed there – it’s expensive and if you end up buying more house than you can afford, you risk becoming “house poor” quickly. That means you pay more money monthly for a house than you can reasonably afford.

Many mortgage lenders will pre-approve you for a mortgage that’s much more than you actually could afford on a month-to-month basis. You can’t rely on them to provide you with an accurate amount of money that you’ll be spending each month on your home. You have to do that on your own. Look at how much money you spend on food and transportation. Then, look at how much you’d be spending on insurance, taxes, closing costs, and maintenance. Add a little bit for savings, just in case, and you have a better picture of your budget each month. If you can afford everything that goes into a home, you’re set to buy. If not, you may need to start looking at homes in a lower price range.

Mistake #4: Not Shopping For A Mortgage

Once you find a home, make an offer, and start the closing process, you need to shop around for a mortgage. Many first-time homebuyers assume that they have to go with the lender that provided them their pre-approval letter. Not so! You can shop around for the best interest rates and terms that fit with you and your budget. In fact, not shopping around for a mortgage can end up costing you tens of thousands of dollars in interest.

Mistake #5: Not Attending A Home Inspection

This is one of the biggest mistakes you can make when purchasing a home. If there’s one thing you take away from this article, let it be this: attend the home inspection. Do not let your realtor go without you to look over the inspection. Do not send your mother or brother or second cousin on the home inspection. Take off work and walk through the home with the home inspector. In fact, make sure you’re involved with the entire process, including hiring your own personally vetted inspector (or two or three, depending on the first report), walking through the home with the inspector, asking them questions about the state of the home, and finally reading the inspection report.

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Why is this such a sticking point? A home’s value isn’t just about the property it sits on – it’s also about the state of the appliances, systems, and foundation that makes up the home. If the roof is failing, you’re going to end up spending major amounts of money on it sooner rather than later. If the furnace has cracks in the heat exchanger, you’re going to have to shell out a lot of money to replace that. You need to be informed as to just what you’re getting yourself into when you purchase a home; what costs you can expect in the future and what parts of the home need to be repaired or replaced by the seller (or the price reduced) before you go through with a sale.

As a side-note, if your realtor tells you a home warranty will cover most of the problems in the home inspection, they are misinformed. Most home warranty companies will not repair or replace broken-down systems that were noted as failing in a home inspection. If there’s something wrong, get it fixed before you buy!

Mistake #6: Not Getting A Home Warranty

That being said, you’re not going to ever find a home in absolute perfect condition, especially if it’s not a newly constructed house. Things wear out and break down. Make sure to ask for a home warranty during closing. Although it isn’t going to cover everything, it can provide major savings for new homeowners when something fails from normal wear and tear, and it will. Some home warranties cover for lack of maintenance, rust, corrosion or sediment in water heaters – all things that might not be found within a home inspection but can cause systems and appliances to fail. This is when you want a home warranty – you don’t have to shell out thousands of dollars to replace something when the seller didn’t maintain the system properly. It’s a nice fail-safe.

Mistake #7: Not Factoring In Resale Value

Finally, when you purchase a home, make sure to factor in resale value. Unless you are a millennial who has a lot more money than the rest and can afford to buy your dream home in the first go around, the chances are that you’ll be selling it sooner rather than later. Find something that can build equity (you can get new carpeting, hardwood floors, or granite countertops) and that will also appreciate over time (the neighborhood is up and coming, new shops and restaurants are popping up around it). Ensure that when you buy, the price will go up over time, so you can sell it for a higher profit than the amount you purchased.

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There you have it, seven mistakes you can now combat as you purchase a home for the first time. Use and share these tips to ensure your home-buying experience goes as smoothly as possible!

Featured photo credit: lenetstan/Shutterstock via shutterstock.com

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Last Updated on August 15, 2018

7 Amazing Things That Will Happen When You Do Plank Every Day

7 Amazing Things That Will Happen When You Do Plank Every Day

Bodyweight exercises are gaining ground in the fitness world due to the practicality and simplicity of getting in shape using your own body weight. Planks are one form of bodyweight exercises that will never go out of fashion. Planks are one of the most effective exercises you can do. Why? Because they require a small time investment on your part, and offer the chance to achieve substantial results in a relatively short span of time.

Video Summary

Why is it important to train up our core strength?

There are numerous sites and blogs which detail ways to build your core muscles or core strength. Often though, these sites neglect to explain what your core muscles actually are, and why building them is important.

This is quite surprising, as core muscles are quite easy to explain. Your core muscles are a series of muscles in your midsection, and are used in most forms of movement. Though they aren’t housed in your arms or legs, your core muscles can help transfer force from one limb to another, or are used in addition to muscles in your arms or legs to increase their effectiveness. As such a strong core will make a big improvement on your ability to move and exercise further.

Also they are great for helping other muscles in your midsection such as your abdominal muscles. Your abdominal muscles are important for supporting your back and spinal column, and as such are important aids in preventing injuries. However for them to be most effective you need to spend a lot of time developing your core muscles.

In short, planking exercises can make a huge improvement in your muscles down your whole body. Making them a hugely effective exercise to perform.

One Exercise, multiple benefits

There are few forms of exercise as effective at building your core as planking exercises. However, planking exercises benefit far more than just your core strength.

By holding yourself in the position for a planking exercise, you’ll notice that your biceps, neck, and shoulder muscles are also being tested and strained. This this encouraging their buildup and development. This is great news if you like to do press ups, developed shoulder muscles will have a big impact on your press up performance.

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When planking, you are holding yourself up through your arms and biceps and so by holding a planking position, your arm muscles are being toned and developed. Making planking a great alternative exercise to other forms of bicep developing exercises.

Moving down your midsection, successful plank exercises actually develop the muscles in your butt! These muscles tend to be ignored by a lot of exercises, so this is another great benefit of plank exercises.

In much the same way as you develop your biceps and arm muscles, holding the planking position helps develop the muscles in your thighs too.

What is even better is that planking exercises don’t take much time at all. In fact you should probably only spend about ten minutes max per day in the planking exercise.

What will happen when you start doing planks every day

    1. You’ll improve core definition and performance: 

    Planks are an ideal exercise for the abdominal muscles exactly because they engage all major core muscle groups including the transverse abdominus, the rectus abdominusthe external oblique muscle, and the glutes. The importance of strengthening each muscle group cannot be underestimated either, for all of these groups serve their own purpose. If you strengthen these muscle groups you will notice:

    • Transverse abdominis: increased ability to lift heavier weights.
    • Rectus adbominis: improved sports performance, particularly with jumping. This muscle group is also responsible for giving you the renowned six pack look.
    • Oblique muscles: improved capacity for stable side-bending and waist-twisting
    • Glutes: a supported back and a strong, shapely booty.

    2. You’ll decrease your risk of injury in the back and spinal column

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      Doing planks is a type of exercise that allow you to build muscle while also making sure that you are not putting too much pressure on your spine or hips. According to the American Council on Exercise, doing planks regularly not only significantly reduces back pain but it also strengthens your muscles and ensures a strong support for your entire back, especially in the areas around your upper back.

      Check out this article if you would like to find out about how doing planks on different surfaces can impact the effectiveness of this exercise in strengthening your core.

      3. You’ll experience an increased boost to your overall metabolism

        Planking is an excellent way of challenging your entire body because doing them every day will burn more calories than other traditional abdominal exercises, such as crunches or sit-ups. The muscles you strengthen by doing this exercise on a day-to-day basis will ensure that you burn more energy even when sedentary. This is especially important if you are spending the majority of your day sitting in front of a computer. Also, making it a daily 10- to 1 minute home exercise before or after work will not only provide an enhanced metabolic rate but it will also ensure that that metabolic rate remains high all day long, (yes, even while you are asleep).

        4. You’ll significantly improve your posture

          Planking exercises have a great impact and improvement on your posture. This is great news as a strong posture brings with it a huge number of fantastic benefits .

          A good posture keeps your bones and joins in the correct alignment which means both your bones and joints will be better maintained and more healthy, but also means the overall effectiveness of your muscles will be improved.

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          A good posture will ensure your back or spine is in the correct position and so you will suffer less back pain.

          On top of everything, someone with good posture looks better, healthier, and more confident.

          5. You’ll improve overall balance

            Have you ever felt that when you tried standing on one leg, you couldn’t stand up straight for more than a couple of seconds? It’s not because you were drunk- unless you happened to be at the time!-  but rather, it’s because your abdominal muscles weren’t strong enough to give you the balance you needed. Through improving your balance by doing side planks and planks with extensions you will boost your performance in every kind of sporting activity.

            6. You’ll become more flexible than ever before

              Flexibility is a key benefit of doing planks regularly, for this form of exercise expands and stretches all your posterior muscle groups – shouldersshoulder blades, and collarbone – while also stretching your hamstrings, arches of your feet, and toes. With a side plank added in to the mix, you can also work on your oblique muscles. This will provide you with further benefits when it comes to hyper-extending your toes, a movement that is crucial for supporting your body’s weight.

              7. You’ll witness mental benefits

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                Plank exercises have a particular effect on our nerves, making them an excellent means of improving overall mood. How? Well, they stretch out muscle groups that contribute to stress and tension in the body. Just think about it: you are sitting in your chair, at home or at work, all day long; your thigh muscles get tight, your legs get heavy due to being bent for several hours; and tension develops in your shoulders due to being forced to slump forward all day. These are all circumstances that put too stress on the muscles and nerves. The good news is that planks not only calm your brain, but they can also treat anxiety and symptoms of depression– but only if you make it part of your daily routine.

                How to hold a plank position

                1. Get into pushup position on the floor.
                2. Now bend your elbows 90 degrees and rest your weight on your forearms.
                3. Keep your torso straight and rigid and your body in a straight line from ears to toes with no sagging or bending.
                4. Your head is relaxed and you should be looking at the floor.
                5. Hold the position for as long as you can.
                6. Remember to breathe. Inhale and exhale slowly and steadily.
                7. When your form begins to suffer, pull the plug. You’re only benefiting from the plank by actually doing the plank.

                Watch the video if you have any doubt!

                Here is a great infographic that shows the best plank variation exercises to evenly target all abdominal muscle groups:

                  How to improve your plank time gradually

                  1. Start with the easier variation if needed. You can start with a bent-knee plank if you can’t perform a regular plank yet. If you can hold a plank for more than two minutes with ease, you can move on to these tougher variations.
                  2. Practise every day. Space your planking exercise throughout the day and do 3-4 times every day. Try to hold the position 10 seconds longer each time.
                  3. Perform other body-weight exercises at the same time. Push-up and squat will improve your core strength too.

                  Are you ready to devote 5-10 minutes of your day, every day, to stay fit, healthy and, most importantly, strong as a bull? Then jump in and make doing plank exercises a part of your life.

                  Who Should Be Cautious Doing The Plank?

                  You need to be cautious doing Planking exercises if any of these risks apply to you:

                  • Prolapse
                  • After prolapse surgery
                  • Pelvic pain conditions
                  • Weak or poorly functioning pelvic floor muscles
                  • Previous childbirth
                  • Overweight

                  Choose an alternative pelvic floor abdominal exercise or consult your doctor before performing plank regularly.

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