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  • Writer's pictureElisabeth Ellingson

5 Reasons Millennials Should be Buying Real Estate

Millennials spend more than any other generation on rent. And in today’s market, a mortgage costing the same as rent would cost, plus numerous tax advantages, for something that we own and that will make money for us as we sleep, is more attainable than we are led to believe, and more beneficial than we realize.

Here are five key reasons that millennials should be buying real estate:

1. First-time home buyers have advantages. Many areas (King County included!) have special assistance programs for first-time home buyers. Knowing that owning real estate is important for our economy, governmental agencies have plenty of perks available to incentivize and assist first-time home buyers.

2. It’s a definite way to make money on your investment. Imagine earning money just by walking through your front door every day, or getting a sizable return on investment by sleeping in your own bedroom. Does that sound too good to be true? It’s not if you’re a homeowner! It stands to reason that many first-time home buyers are excited about having a property to call their own, but it’s common that they overlook the substantial investment they make as well as the long-term returns they can expect.

3. It’s more feasible than you think. True story: I paid $1,000 out of pocket to walk into my first house. A common misconception that I come across is that you need to be able to put down 5% to 20% out of pocket. I’m sorry, what? Who even has that much money in their bank? Twenty percent of a house? What many people don’t know is that there is an abundance of down payment assistance programs available. Another piece of information that surprises many is that you don’t need good credit to buy a house. Sure, it helps with your options and interest rates, but there are plenty of options for fair or even poor credit, and interest rates are already at historic lows.

4. You make the rules. When you buy a house, you not only own the house and the land, but you own all land underneath your house, down to the center of the earth! You also own the air above your house all the way to the sky. Whether you buy a house or a condo or townhouse, you now get to live by your own rules, and you are no longer paying your landlord’s mortgage with your rent.

5. I will make it easy and fun for you!

Reach out to me today to talk more about making homeownership a reality for you. Elisabeth Ellingson

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