How to buy a house as a millennial
We are millennials and yes, we actually bought a house.
gasp - In this economy?
YEP. WE DID IT! I am thrilled to say we are officially homeowners. What a massive CHECK off the life goals list, and one that we’ve been working towards for years. It was a main motivating factor for making the move to Colorado - while it’s still an expensive state to purchase a home in, it was significantly more attainable than trying to buy in Los Angeles.
We began the process in late-January and closed right at the beginning of March. We made 3 offers (the first one was at the top of our budget, the second one was a complete fixer-upper, and the third one was accepted and is now our home!) It was a stressful process and at times, discouraging, but now on the other side, I’m really happy with how everything turned out. Our interest rate is fairly high (at least compared to everyone who bought in 2021/2022) but we didn’t get mixed into any bidding wars, we didn’t have to offer over-asking, and we actually got the seller to buy down our interest rate.
My biggest advice for first time homebuyers: only look at houses you can actually afford. Look at the monthly cost to determine what your budget can handle. We were approved for way more than what we were comfortable paying, so that monthly number was more important in our decision. I promise the right house will show up!!
If you’re a millennial and you want to own a home, I promise it is doable. We moved to a more affordable area, saved a 10% down payment, and only looked at properties we could afford (including possible renovation costs). Owning a home is not for everyone, and I think it’s perfectly reasonable to rent if that is more in-line with your personal finances and location. We rented for years in Los Angeles! However, it does feel awesome getting on the real estate ladder and feeling secure in our living situation. Weigh the pros and cons for your individual situation and normalize that there isn’t a “right” way to live.
This was our wishlist:
1000+ sq ft
A yard
2+ bedrooms
2+ bathrooms
A garage/area for tools
Excellent natural light
What we ended up with:
Everything on our wish list and more!!
We’re in a suburbs north of Denver, and I love our new home. Close enough to the city while still feeling like we have some breathing room. There are plenty of projects while still being a comfortable place to live in. And there’s an unfinished basement that we will get to eventually! I love our new neighborhood and I’ve discovered numerous walking trails nearby with panoramic views of the Rocky Mountains. A total dream come true!
Follow along as I transform our first house into a home that truly feels like “us”.
