What is on the Checklist of Millennial Homebuyers

It is a well documented fact that millennials are rather reluctant to buy homes for themselves but that trend has been changing since the last few years. According to several studies and reports, it has now been noted that millennials account for 60% of home buyers, especially first timers. The foreseeable future (next ten years) also expects to see people in their thirties owning homes will increase to 2.7 million in number. Unlike the last generation, this generation of young professionals have a different set of priorities ranging from several characteristic traits such as independence, equality, and many more.

Hyderabad is a booming business hub, housing some of the most famous Information Technology companies and several other commercial parks which mainly employ millennials, automatically giving rise to demand in flats for sale in Hyderabad. Just like people, homes also come in different shapes, sizes, areas and prices giving people a variety to choose from when picking their premium homes for sale in Hyderabad. If you are in your 20's or early 30's and are planning to buy your own home, take a look at the below mentioned points that other millennial homebuyers consider for the same purpose so you can make the biggest financial decision of your life with some clarity.

Factors Millennials Consider When Buying a Home

The following mentioned factors are the first in mind when aspiring young homebuyers decide to buy their own homes.

1. Low Interest Rates

Whether you are picking from luxury houses for sale or more conservative types of homes, more often than not, you might have to indulge in a home loan. Loans with lower interest rates are the most lucrative kind. They will give you the financial aid you need and cut off unnecessarily huge interest rate charges. In the last few years, the standards for lending have also changed, providing an option to make smaller down payments. If you have a good job now, qualifying for a mortgage is not as tedious a procedure as it used to be a few years ago.

2. Budgeting

Low interest rates on loans is an important factor but stands secondary to primary budgeting. First look at what you have, what you can afford and realistically work on looking for your dream home. While premium homes for sale in Hyderabadcan be attractive to look at, it is important to see whether they fit into your budget and only then take the next steps. This will eliminate disappointment. The best way to do this, is start saving as per your income the moment you decide to purchase a home and balance it out with your previous savings. This will give you a clearer idea of your finances and the eventual capacity of purchasing a home.

3. Beware of Hidden Costs

Buying a house can come with hidden costs which haven't been accounted for in the initial budgeting. This can lead tobudget problems, especially for millennials. It is important to take these costs into consideration such as closing fees, property taxes, insurance, etc. Sometimes, they can add up to 5% over and above the price of the house. Stay vigilant and make the right choice.

Also read: Best Real Estate Builders

4. Location is Key

Youngsters tend to lead a very active life. If this is the case with you, living close to work and happening places should be one of your priorities when considering purchasing flats for sale in Hyderabad. While interiors of homes can be changed as per your requirements, the location stays stagnant, so this is a key factor. Ensure your new home is close to grocery stores, your workplace, eateries, schools, medical places, fitness centres, and many others as per your preferences.

5. Consider Resale Value

While your first home might be the most exciting and pertinent thing at the time, it is not necessarily going to be your last home. This means that you could move to another house, city, or country in the future, making this home redundant. In this case, you may want to sell this place and get a new one according to your needs, so make sure this one will give you a good resale value. If purchased from a reputed builder in a good neighbourhood, it is practically a given that your property price will go higher and you will actually make a profit when you do sell it.Something to think about?!

Also read: Investment in Residential Property