You’re A Millennial With Your First Home…Now What?
Good news. After years of decline, millennial men are finally getting their feet on the housing ladder. Bloomberg reported that the amount of homes owned by under-35’s rose by a modest but important 1.3%. According to The Wall Street Journal, that’s the biggest rise in home ownership of any age group so far.
With rates of home ownership among millennial historically low, it’s possible that they’re the first generation that will find themselves bewildered when faced with your own property. Everything needs thought – from appliances, to decor, to what sort of floor you want. Unlike rented accommodation, your own home is a blank canvas – here’s how to paint the perfect picture.
The first thing to note is that decoration can be expensive. According to housing advisers ForRent, the average person spends $8,176 on their first round of furnishings – and that’s just for an apartment. For a fully fitted house, the price can rise even further. For many, taking on a larger mortgage is the way forward, in order to protect savings. Or, further down the line, they will relinquish equity to receive a lump sum.
Plan your financing carefully
However, try your utmost to be frugal when the money is in your pocket. Don’t feel your house needs to be all new; incredibly stylish and unique decorations can be gathered on the cheap, from thrift sales, or you can try your hand at woodwork and metalwork to create new creations from recycled materials.
Running the home
The key difference between owning a home or renting one is equity. With a house, you own every last bit that your mortgage allows, unless you bought outright, whereas renting does not gain you any equity. On the flip side, repairs are entirely your responsibility in an owned property as opposed to a rental. There are also associated bills that come with certain properties that are often subsumed in rent payments; things like grounds maintenance and leasehold.
With a house, you own every last bit that your mortgage allows, unless you bought outright, whereas renting does not gain you any equity.
Making the home your own
Once you’ve got a handle on the running of a home, look to make it your own. A house should be lived in, and reflect your own style. What do you want to go for? Modern looks benefit from clean lines, monochromatic colors, and the use of reflective, glossy surfaces; conversely, the classic cigar-and-whiskey look of old school social clubs requires dark work, brass and opulent red fabric. There’s no limits on what you can do, and as long as you’re comfortable – that’s all that matters.
Forbes have produced a comprehensive guide on Christmas stylings that can act as a foundation for your home. Think closely about what colors work together, what fabrics and textures you want around the home. Most importantly, think about how it relates to your personality.
For the typically house-less millennial, the first home can be a daunting experience. Grab the bull by the horns. Take control of your financial situation, draw up budgets and contingencies; and then get creative. Let your inner you control your home.
Take control of your financial situation, draw up budgets and contingencies; and then get creative.