5 common mistakes millennials make when buying their first home
- Buying a home is a rite of passage, a huge responsibility, and potentially a great investment, but it's also all too easy to make mistakes in the process.
- Many millennials are reaching a point in their lives when they are finally ready to become first-time homebuyers, which means they soon could be making a number of home buying mistakes.
- Here are five common mistakes millennial homebuyers make; the good news is that all of them are avoidable.
When my wife and I bought our first home, we had a few points on which we were set and a few on which we were flexible. We loved the neighborhood of Glendale, California, in which we had rented an apartment for the five years and were only willing to look within a one or two mile radius, for example.But on the other hand, we were open to various types of architecture, yard size, and even square footage. We ended up lucking out, finding a gorgeous Spanish-style house built in 1928 with a big yard, good bones, but just enough need for renovation to have kept the price well in range for us.
So we were all set then, right? We got our loan approved, formalized our offer, and signed the paperwork. OK, there were a few more steps, but everything went smoothly, so I won't bore you with the details.
Then, on literally our first night in the house, the rotted pipes gave out, flooding water into the crawlspace and rendering it impossible to bathe, flush, run the sinks, or use any water at all, in fact. Our cut-rate inspector had missed major issues in the plumbing, but it was too late, and the responsibility was all ours. Within a few years, we'd also need to fully replace the roof. And put on an addition as we outgrew the home once our first kid was born. And so on.
Frankly, we were pretty savvy homebuyers for a couple in their late 20s, but we still made plenty of mistakes. And so do many people, according to the nearly 1,000 first-time homebuyers who responded to a survey put together by the online home improvement company Porch.
Drawing from Porch's survey and a few other sources, here are five common mistakes that many first-time homebuyers make: