The largest demographic for purchasing a first home lies between the ages of 22 and 38, also known as Millennials. They comprise 38 percent of the first-time home-buying population. They are also different than older generations in that they have different wish lists and priorities and approaches when it comes to choosing and narrowing down their first home.
The first thing is to examine finances to confirm you are, in fact, ready to become a homeowner as opposed to a renter. You should definitely check your credit score and clean up any issues before approaching any financial institution about a loan. Take stock of all your income and expenditures. Do you have enough remaining to pay for a mortgage? Calculate the potential down payment you will be required to make. Keep in mind you will also have innumerable unforeseen maintenance and repair issues when it comes to homeownership. You will also need insurance, money for closing costs, and a moving budget, in addition to other expenses. Make sure you fully do your due diligence before beginning down the path of buying your first home.
Working with an agent might cost you more money, but they are a good buffer when it comes to negotiating deals and making offers. Make sure you check online reviews about agents in your area and be honest about your must-haves vs your wants so they can do the best search they can.
Millennials are being subjected to online media and television on a constant basis, and a lot of content shown is created by influencers trying to sell a product, image, or lifestyle. There are countless DIY and dream home and garden blogs and shows that they want to emulate, they tend to approach a first-time home buying experience with delusions of grandeur and visions of beauty and/or technological features that are not really practical. Often, these lists start big, then start getting smaller as they begin picking and choosing their most sought-after priorities until they eventually narrow down their choices to something more feasible. Anyone with buyer’s remorse will tell you that It is dangerous to fall in love with something that is outside of your price range. For this reason, the number one tip is to not look at a property with your heart but to look with your head. While it is true that you need to love where you live, it can be very easy to see a home through the tinted lenses of adoration while ignoring red flags like budgetary limits.
From cooking shows to DIY projects, there is no doubt that everything looks simple and effortless when it’s done on TV. The concept of house flipping is no different. It is a hot trend online and on-screen. The problem is that many of these shows catering to the entrepreneurial, crafty demographic want to portray the idea of home remodeling as a fruitful venture that costs very little. The reality, however, can be much darker.
Most of what we see on television is edited. In cases of refurbishment, it’s done to hide the reality of impossible timeframes, massive budgets, and many unglamorous repairs that go into house flipping. Even with all the expertise of a collaborative, professional team, there are still unforeseen issues that are never shown to the viewing audience. Because of this, a novice who is interested in testing the waters of house flipping might want to be fully prepared for the fact that anything can go wrong, including being left with massive debt and an unsold house at the end of the journey.
The other reason why house flipping isn’t the best choice for the foreseeable future is the fact that we are heading into a recession if we’re not already. States are gradually reopening in phases, but the real estate industry is not considered to be an essential business. Any risky ventures are not advised, including any type of investments that rely on third parties, such as sub-contractors or appliance suppliers. This means there is a good chance that things in the industry won’t be going back to normal until states are fully in the green phase.
Just like with any financial endeavor, experts advise newcomers to start slowly. If you are determined to learn the art of house flipping, it is strongly advised to do as much research as possible. Once you have your sights set on a location, it’s important to get a full inspection report on the foundation of the place you are interested in. The first decision to be made is whether it’s even worth the time, energy, and money you will need to tackle a project. An independent inspector with no connection to the selling agent is the smartest choice. Once you can make an educated guess on the break-even point, you should feel confident enough to proceed.
About Jason Cohen Pittsburgh
Jason Cohen is a real estate investor in Pittsburgh, Pennsylvania. He created Jason Cohen Pittsburgh, a group of real estate enthusiasts committed to helping others invest in real estate, and he has thrived in the area since 2002.
As Jason’s career has grown and flourished, so has Pittsburgh itself — transforming from an industrial “rust belt” city into a major cultural center abundant with high-end multi-family rental properties. Jason has seamlessly handled the dynamic nature of Pittsburgh and of the real estate industry in general. A research-driven professional, he consistently enables smart and profitable investments in the area, helping to transform modest properties into high-end rentals in Pittsburgh’s hottest neighborhoods.
Jason Cohen first entered the world of real estate shortly after his graduation from college. He started out by investing in distressed properties in Pennsylvania. After some experience working full-time for a real estate company, he decided to pave his own path in the industry. He has worked as an independent real estate agent and developed the Jason Cohen Pittsburgh team ever since. The team consists of highly qualified investors, property managers, leasing agents, and contractors.
Over the course of his career Jason has become highly proficient in acquisitions, joint ventures and partnerships, multifamily real estate investments, asset repositioning, real estate management, real estate brokerage, and new construction. He has excelled in high-level investment strategies, but is also no stranger to “ground work” when it comes to the industry. He is well-versed in each step of Jason Cohen Pittsburgh’s unique system: researching local areas and investing in properties, performing renovations to transform these properties from dilapidated eyesores into high-end units, and ultimately repositioning the properties for maximum profit in renting and selling.
Jason Cohen Pittsburgh is the group of choice for anyone who needs advice, analysis and due diligence, and general expertise in matters of investing, whether they are short-term or long-term. Jason Cohen Pittsburgh has dealt with properties in a variety of neighborhoods throughout parts of Pittsburgh, including the South Side, Oakland, Shadyside, Squirrel Hill, Mt. Lebanon, and Regent Square. Each and every one of these locations, paired with Jason’s overall knowledge of real estate investing, has allowed him to play a part in restoring Pittsburgh’s place as one of the most popular cities in the United States.
This blog will share news, updates, and insights regarding Pittsburgh and its real estate market from the perspective of Jason Cohen Pittsburgh. Stay tuned!