Do you want to buy your very own ideal home one day? You’re not the only one. In fact, 91% of Americans profess to want to buy and own a home within their lifetime, based on the survey conducted by NerdWallet. So why is it that a lot of modern men think that they cannot afford to buy a home, and is there any truth in this?
The Belief
There are roughly 161.48 million men in the US today, according to the market study of Statista. Around 7 out of 10 of men claim that they feel it would be highly difficult for them to purchase a home with a home loan, based on the findings of Homes.com. The belief predominantly stems from rising housing costs, the burden of student loans, and the lack of affordable loan terms and the lack of affordable loan terms to fit their generated income. So what is the reality?
The Reality Of Modern Men And Property Ventures
Despite their bleak outlook, most men are in a better situation with regards to home-buying than they realize. Men – single men, in particular – are able to afford more houses in the top 35 metropolitan cities in the US, based on the findings of Zillow. The same source noted that properties owned by men enjoy 10% more in market value, so property is a good form of investment for those planning to sell it on at a later date. So how do those who are able to buy properties achieve it?
How To Achieve It
You don’t need to have a substantial amount of money on hand when buying a house. Most homes or properties on the market generally require a downpayment amounting to 20% of the full price. You can approach banks and other lending institutions to check out the full range of options. In other cases, you can even take over distressed mortgages and purchase a property at a fraction of the market price. Being patient and scoping out any up-and-coming property developments is a good way to bite into pre-selling prices. Of course, it’s vital that you avoid making mistakes about your purchasing decisions.
Mistakes To Avoid
A lot of buyers often get lost in the search and are only too relieved to find something that fits their budget that they neglect to do a thorough inspection. Get an inspector to appraise the property so you’ll know if you can haggle the price further or prepare for any additional spending for repairs, says Ellen Derrick of LearnVest Planning Services. Speaking of additional spending, don’t forget to make space in your budget for property taxes and insurance. If they’re added to the monthly payments, you’ll want to know what the final amount is prior to signing any documents.
Owning a home can be challenging, but it is never completely out of reach. Instead, a modern man can achieve their home ownership dreams through proper planning. Always take your time in scouting out the housing market as you figure out what sort of financial plan will help you buy your dream property.
