Did you know that buying younger builds wealth faster? With this in mind, more and more millennials are looking to invest in homes of their own. To newbie homebuyers, living in luxury may feel like a distant dream, but it’s actually much easier than you think! Below, I offer tips to help millennials feel more confident about living luxe without having to break the bank.

When you’re renting, you’re not investing.
Millennials, on average, spend nearly $100,000 on rent before turning 30. The money spent on rent could potentially be money to put toward owning a home. Unfortunately, most new homebuyers are simply unaware of the long-term impact that building housing wealth can have on their financial future.

Don’t assume you can’t afford it! Sometimes you can find bargains — even in the hottest markets like SRQ! Once you connect with the right lender and trusted Realtor, you’re on the right track to learning more about your options and finding the perfect home or condo for you. 

Get educated on the process.
Nobody said the homebuying process was easy. It’s crucial to draft a team of skilled individuals to help get you to the finish line. Your team should include a trusted lender, a wise financial planner, an experienced inspector and, of course, an expert Realtor who is familiar with the area you wish to live. Make it a point to have a good support system in place to equip you with accurate data and professional advice that will allow you to make the best financial decisions. 

The most important aspect though is hiring an expert Realtor who is well-invested in the city or neighborhood you’re looking to buy in. Since only a select number of agents have exclusive access to local luxury homes up for sale, this person is going to be your biggest advocate and your “in” into the luxury real estate market. 

Do the groundwork.
The homebuying process is referred to as a “process” for a reason. There are several steps that have to be completed before you can actually close on a home. By completing the preliminary tasks, you’re able to edge out some competition within the market. The first task on the docket is to get pre-approved by your lender. Once you’re pre-approved, you’re in better shape to make decisions about your future home and what you can and cannot afford. 

Once you know your budget, you can start browsing homes for sale and delving into research on the neighborhoods you’re looking to live in. Your Realtor partner will provide invaluable assistance during this phase — helping you know which homes meet your criteria and preferences, including elements like price, size, amenities, school zones, HOA fees, etc.  

Grab your looking glass; we’re going inspecting!
A crucial step in the homebuying process is setting up an inspection. You might think, “If this home is luxury, there should be nothing wrong with it!” However, when it comes to high-end technologies, appliances and advanced security systems that luxury homes boast, there are many things that can go wrong. By bringing on an inspector to identify potential issues, you might be saving yourself from paying a fortune on maintenance, as well as getting recommendations to improve your future stay.

Plus, just because a home is categorized as “luxury” doesn’t mean there aren’t structural or maintenance issues lurking. That can happen with any home, at any price and at any age. A proper inspection finds issues and saves a lot of future headaches.

If you’re a millennial looking to live luxe in Sarasota and need a trusted Realtor who knows the area, give me a call at (941) 225-1500. I can be your guide to finding the best home for you in your price range.