Buying your first home can feel like one of adulthood’s true markers and a dream come true. For today’s millennials, however, that dream may seem daunting, especially when they consider the other financial responsibilities that people their age commonly face. Student loans, credit card debt, and a higher cost of goods are all obstacles to becoming a homeowner today.
But with planning and hard work, millennials can get on the path to buying a house of their own. Here are some expert tips for maximizing dollars and ensuring that homeownership is a reality for every generation.
It’s no secret every homeowner eventually wants to add value to their home. Not only does it boost the resale price, but it can create a more inviting and cozy space. When you stop and think about a home renovation, an overwhelming wave of stress overcomes you because all you can think about is the price tag. Well you’re in luck; adding value to your home doesn’t have to cost a fortune.
One good option to pay for your home updates would be to take out a low-rate personal loan. Since the duration of a personal loan is anywhere from 3 to 7 years, compared to a home equity loan which ranges from 20 to 30 years, you’ll end up paying way less in interest. Another alternative would be to apply for a 0% interest credit card to finance some of the smaller projects. Be wary, as it can be very easy to overspend when using a credit card. Set up automatic payments each month to chip away at the balance.
We’re not here to talk about a $40,000 kitchen remodel. Most people don’t have that kind of cash laying around. There are many inexpensive projects you can do around your home that will boost the financial worth of your home. Expect to spend around $300-$3,000 to complete some decent projects. Here are some great ideas for how to increase the value of your home at a smaller cost: Continue reading