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The Millennial Homebuyer’s Checklist And Survival Guide

The reluctance of many millennials to buy a home has been well-documented over the last few years, but that is changing. millennials now account for the largest share of loan volume — 42% in December of last year. Time is on your side. The tax benefits are significant too, due to the write-offs you may take for mortgage interest on loans up to $750,000, and on property taxes up to $10,000 annually. There is one caveat: A buyer needs to commit to owning a property for generally at least three years to allow for market appreciation to outweigh the closing costs of buying and selling. A place that needs some cosmetic work may be more affordable and give you the opportunity to add value with home improvements over time. These costs include insurance, property taxes and closing fees, and can add up to 5% of the home price. Location matters: Before making an offer on a home, make sure you also like the neighborhood. If you don’t like to drive, make sure you are close to good public transportation. It’s important to understand that where you live plays the largest role in determining the value of your home.