I'm not ready to settle down in one place.
I'm still young. I'm not sure where I want to live or what I want to do. What if I don't want to live in Dayton for long?
This is a popular trait among millennials who make up the majority of first time home buyers these days. And we can't really blame you. Buying a home is a big decision, and for most, it seems like a very permanent decision. But it doesn't have to be.
Here is why you should consider buying now rather than later:
- Dayton is an affordable city and was recently named third most-affordable housing market in U.S.
- You can use this tool to see just how affordable Dayton really is when compared to other cities.
- If you don't think you will live in your home for long, there are loan options available that may be better suited for you such as a 5-year ARM (Adjustable Rate Mortgage) where you can get a lower than average interest rate for the first few years of the mortgage. Interest rates usually eventually rise, but you will most likely sell your home before you need to worry about that. For more information, please contact one of our recommended mortgage counselors.
- With the housing recovery in full swing, price increases for homes are on the horizon. It's better to buy low and sell high. You might even make a profit from the sale of your first home - especially if you can make improvements while living there.
- Have you considered renting out a room? For this one we're assuming it's best if you're single, but even if you're not, it may not be bad to entertain the idea of renting out a bedroom or two. In some cases, you may even make enough to cover your mortgage payment!
- Currently, inventory is low in Dayton's real estate market and it looks like this trend is set to continue. When it comes time to sell, you won't have as much competition and chances are your home will sell quickly.
- If you are only wanting to own a house for a couple of years, there are things your REALTOR® can help you look for such as a home with potential, or one that would have good resale value.