Some people buy their first homes without realizing all the drawbacks that come with homeownership. They simply want to stop paying for housing that will never be theirs. They want to get rid of their pesky apartment neighbors and say goodbye to their creepy landlords. The idea of better privacy and autonomy often seals the deal when trading a rental with a home purchase. But then, homeownership is not all rainbows and unicorns.
Homeowners have different responsibilities and roles to take. Unless you hire expert services, you are your own landlord, handyman, landscaper, and tax preparer. If your home is part of a homeowners association (HOA), then your list of tasks just got a little bit longer.
Today’s modern homeowners, the millennials, are also these days’ largest consumer group. Millennials are more anxious and stressed out than Baby Boomers. They have many worries the moment they start wanting to buy a house and even after a successful home purchase.
Why Millennial Home Buyers and Homeowners are Burned Out
Generation Y, or millennials as we like to call them, are among the most stressed-out home buyers in the bunch. They struggle with financial stability and often have credit scores below the national average. This makes it hard for them to qualify for a home loan.
Millennials also have a love-hate relationship with fixer-upper homes and tiny houses. They claim to love the idea of tiny home living only to regret the fact that this type of home can’t meet their spatial needs. They also tend to buy houses that need lots of repairs.
Many millennial homeowners are also struggling with the costs of home maintenance and repairs. They often buy fixer-upper homes since these are more affordable than brand-new houses and homes in excellent condition. Many of them also like the idea of DIY maintenance and repairs which are often difficult to pull off.
A new study also shows that some millennial homeowners are now “house rich but cash poor”. They worry about their kid’s future financial costs along with their impending retirement. The high costs associated with owning a house and the current state of the economy make it even more difficult for them to achieve financial stability.
What Can Help Ease Homeowners’ Burnout?
There are a few things both millennials home buyers and homeowners can do to reduce the stress of homeownership. Knowing what to avoid and to keep in mind can lead to a better homeownership experience. If you have plans to buy a home soon or are already a millennial homeowner yourself, here are some tips you can consider.
Ask the Right Questions First
Before making a home purchase, it helps to ask yourself a series of questions to know how ready you are for homeownership. It is not enough that you have enough down payment, have a stable job, and can easily qualify for a home loan. Ask why you want to start owning a home and if you can commit to residing in a single location for at least five years straight.
It pays to ask yourself how you intend to finance home maintenance and repairs. Where do you intend to get the funds in case your boiler drainage requires repair? How do you plan on going about future maintenance tasks?
Other questions to ask yourself include your non-negotiables. What are the home features you need your home to have? What is your ideal location and what are your future plans?
Shop Around Before Choosing a Lender and Mortgage
Your lender of choice matters just as much as your choice of mortgage type. A reliable lender will not force you to take a loan you can’t realistically afford. They will help you understand your home loan options and can help you identify the right mortgage terms and rates that fit your needs.
Good lenders won’t also tell you to forge any details just to get approved for a mortgage. They know the consequences of mortgage fraud. Knowing the types of mortgage fraud is a great way to avoid getting involved in such activities.
Keep Everything Organized
It is one thing to keep your home organized for your health and sanity’s sake. But there are other reasons why you need to keep everything else organized as a homeowner. This includes organizing the following.
- Your monthly mortgages, bills, and other dues. It is easy to forget when your due dates are. But if you stay on track of all your financial obligations, you can avoid costly interest fees and maintain a better credit history.
- Your home maintenance and repair schedule. You want to make sure you stay on top of your maintenance and repairs to avoid more costly and serious repercussions. One can save more resources by keeping up with your schedule.
- Your household chores. If you live with someone else, make sure you divide chores among capable members. This will help keep the house in a clean state and reduce your stress when it comes to household chores.
One can have varying reasons why they are stressed about homeownership. Knowing what your triggers are is not enough. You actually need to something about it to better manage your stress levels as a homeowner.