What Millennial Homebuyers Need to Know

1. Pay Off Student Loans and Other Debt

What’s the biggest challenge facing millennial homebuyers? Student loans. Over 44.2 million Americans are paying off a national student loan debt of $1.48 trillion—and, in 2016 alone, the average student loan debt was $37,172 per graduate!(2)

As if student loans weren’t enough, consumer debt has postponed the home-buying dream of many millennials.(3) In fact NAR reports that, second to student loans, the two expenses that delayed saving for a down payment were credit card debt (32%) and car loans (32%).(4)

Since buying a house is the most expensive purchase you’ll make, you need to be debt-free before you buy one. If you have any debt, get on budget and use the debt snowball to pay off those loans. Only then will you be ready for the next challenge: the down payment.

2. Save for the Down Payment

Most of us don’t pay cash for our first home. In fact, 98% of millennials buy with a mortgage.(5)That’s why it’s important to have a strong down payment—not only to lower your interest rate, but also to help you pay off your mortgage even faster. We recommend putting down 10–20%. If you have 20% tucked away, you’d bypass private mortgage insurance (PMI)—additional insurance lenders make you have that protects them if you stop making mortgage payments.

If you’re struggling to save for the down payment, you’re not alone. One fourth of millennial home buyers couldn’t do it alone, accepting a money gift from a friend or relative.(6) And because of high rents and student loans, some millennials need more than seven years to save for a down payment, according to one study by Builders Online.(7)

That’s why, if you’re still saving, you must be patient and stay the course. Keep saving! Start with a clear plan. Know how much house you can afford. Stay motivated with a goal tracker. And with a smart plan like this in place, it can take less time than you think.

3. Stand Out in a Competitive Market

If you’ve already paid off your student loans and saved for your down payment, good work! The next step is to get into the housing market. In the past few years, the housing market has had a shortage of sellers, which has not only raised the prices of homes, but also has caused competition among buyers. Gen Xers are typically buying more established homes instead of starter homes, so your competition is other millennials—and your parents.

Yep, that’s right. Just as millennials are finally moving out, empty-nesting baby boomers are downsizing into the very starter homes that millennials are trying to buy. You might find yourself in bidding wars with buyers who have a bigger budget and more home-buying experience.

While you should expect competition—especially in hot housing markets such as Seattle, Nashville and San Francisco—that doesn’t have to derail your home-buying budget. Download our free first-time homebuyer's guide to walk you through the process and stay in the game with these tips:

First, get preapproved for a home loan before you make an offer. A preapproved loan means that your lender has looked over your finances and decided that you can cover the down payment and the mortgage payments. Though it can take some time to get, a preapproval letter sends a powerful message to the seller that you’re a serious buyer.

Second, act decisively. Do everything to keep the process moving. For example, tighten the timeline of your home inspector. Most inspectors can inspect a house within five days of your request. Never ask a motivated seller to wait weeks for a home inspection if you can get it done in days.

Lastly, be human with the seller. Send a handwritten letter, explaining why you and your family like the home. Selling a home can be emotional for homeowners, so you never know how far a personal letter can go.

4. Find an Affordable House in a Seller’s Market

Another challenge facing millennials is the rising value of homes. For many of us—especially those that have just managed to pay off student loans and land a stable job—rising market prices could be the most frustrating hurdle we face.

Fortunately, the housing market is beginning to slow down. NAR predicts a 1 to 3% growth in housing prices this year, which is far less compared to the 5 to 7% annual growth over the last five years.(8)

My best advice, then, is patience. Once you start shopping, don’t give in to the temptation to stretch your dollars and buy a home that’s out of your price range. Keep your monthly housing payment (which includes mortgage, taxes, insurance, HOA dues, etc.) to no more than 25 to 30% of your take-home pay on a 15-year, fixed-rate conventional mortgage. No home is worth sacrificing your retirement or your kid’s college fund.

5. Gain Experience With the Buying Process

One of the best things you can do as a first-time homebuyer is familiarizing yourself with the buying process.

That’s why it’s extra important for millennials to work with experts who know what they’re doing. Look for an agent who brings at least four years of experience to the table, one who knows the market well enough to find a great deal on the home that’s right for the buyer.

Partner with a real estate pro who has the heart of a teacher and takes time to listen to your needs and answer your questions. A good agent is more concerned about your bank account, not theirs.

If you’re looking for an agent to guide you to a smart first home purchase, we can help! Our Endorsed Local Providers (ELPs) are real estate experts with top-notch customer service. They can help you find a home you love in your budget!

Tips for Renting a House

1. Understand the Landlord-Tenant laws in your area. It's important to research the Landlord-Tenant laws to ensure that you, as the tenant, understand your rights and responsibilities.

2. Inspect the property. You should inspect the water system, air conditioning unit, locks for doors and windows, plumbing (make sure the toilets flush), and etc. Make sure to ask the realtor or landlord about house maintenance and when the house was last maintained. You don't want to rent a home with plumbing issues or heating problems during the winter.

3. Read your lease carefully. Your lease is a legal contract between you and the landlord for use of the landlord's property. A lease may contain extra clauses that aren't legally required by Landlord-Tenant laws, but the clauses are legally binding when the lease is signed by both parties. If you are concerned that your lease might be unfair to you (e.g. the landlord requiring you to have property inspections every week), you can seek legal counsel and retain an attorney specializing in Landlord-Tenant relations.

4. Inspect the property again. Once the lease is finalized and agreed upon by both the landlord and tenant, you can request to see the property again. When you're at the property, take photos and document any form of damage you see. If you see small holes in the walls caused by a wall-mounted television screen, take a photo and inform the landlord in writing. Your landlord may or may not fix the damage before you move in. However it's important to inform the landlord prior to moving into home, otherwise the landlord may accuse you of the damage and take money from your deposit to repair it.

5. Pay your rent on time. Once you move into your new home, you need to pay your rent on time. Rent can be paid with cash, checks, or electronic transfers. Paying in cash is not recommended because there's no paper trail to track your money. If you decide to pay in cash, make sure you ask for a receipt that documents the date and what the cash is for.

6. Make sure your landlord has been paid. When mailing a check to your landlord, make sure your landlord deposits the check. If your landlord hasn't deposited or cashed your check, inform your landlord that you've mailed the rent check. It's better to inform your landlord in writing, such as email or text message. You don't want your landlord to accuse you of failing to pay rent on time.

7. Establish a good relationship with you and your landlord. This doesn't mean that you need to be best friends with your landlord. However, you don't want your landlord to outright hate you. A disgruntled landlord can be difficult to deal with during the duration of your lease. Be kind and respectful to your landlord. If you want to go the extra mile, you can send greetings cards during the holidays. A happy landlord may respond quicker to any emergency repairs. If you only communicate with your landlord's property manager, then establish a good relationship with that property manager.

https://toughnickel.com/real-estate/15-Tips-For-Renting-A-House

Tips to Increase Your Home's Value

Increasing the value of your home is easier than you think. Follow these tips, and your home will be worth more before you know it.

Plan your remodel.

Whether you just bought a house or you have lived there for a while, the fastest way to increase your home's value is by making a plan.

You will fare better if upgrades are made intentionally and not on impulse. Home improvement projects cost about 20 to 25 cents on the dollar. The other 75 to 80 cents spent go directly back into the home through increased value.

Tackle one room at a time.

How can you harness the energy that comes from new ideas and still be smart when you make those improvements? Make the commitment to tackle one room at a time. Whether it's a simple coat of paint or knocking down a wall, by tackling one room at a time you keep projects achievable.

Make a list of all the things you dream about doing, break your list down into categories based on cost and write down how much time each project may take. What this does is help you get results. If you only have a day or a weekend, choose a project that fits within your timeframe, comfort level and financial commitment.

Small improvements can really pay off.

Are you torn between improving your home's decor, versus making upgrades you know will increase your home's resale value? Many homeowners are surprised to hear that doing a little bit of both will actually pay off.

Start by making two lists — upgrades for your home value and upgrades just for you. Upgrades for your home may consist of replacing old faucets, permanent lighting and doors. Upgrades for you are furniture, artwork and window treatments. Gone is the dartboard approach to picking projects and wondering if what you are doing is really making a difference. With this plan, you will see real progress.

Clean your house now for profits later.

If your house is on the market, a bright and sparkly home can attract buyers like a magnet. A house can never be too clean. If you were a buyer, would you choose the house that is slightly dingy or the home down the street that is clean and welcoming?

Curb appeal counts.

Want a fresh perspective on the value of your home? Walk across the street, turn around and ask yourself, "Does my house have curb appeal?" Does your home look attractive, welcoming and structurally sound at first glance?

Make a list of ways to enhance the positive and eliminate the negative. If you have a nice curvy walkway, accentuate it with flowers or lanterns. If the first thing a visitor sees is your big wide garage, try to guide their eyes into a beautiful front yard, or paint your front door red to guide the eye there. These things add value.

Take a digital photo and look at your home in black and white. When the color is removed, the truth comes out. That is where you see the cracks in the walls and the glaring flaws.

https://www.hgtv.com/design/decorating/design-101/10-tips-to-increase-your-homes-value

Western Slope Nonprofits

In 2017, the Western Colorado Community Foundation distributed more than $3.4 million in grants and scholarships from its charitable funds.

Grantmaking is one of the Western Colorado Community Foundation’s community-building strategies. WCCF also administers scholarships, provides training and support to nonprofits through its NSTAR program and manages Agency Endowments for organizations.

The work of local nonprofit organizations impacts the quality of life for everyone in western Colorado. Recognizing the essential role they play in the economy and health of our communities, the Western Colorado Community Foundation is committed to sharing knowledge about the nonprofit sector with our larger community and strengthening our nonprofit organizations through grants and training.

http://wc-cf.org/nonprofits/

How to Immediately Change Your Life For The Better

1. Address the choices you've made in the past and change the choices you'll make in the future.

Life is made up of choices--some we regret, some we're proud of, some that will hurt us. Everything in your career and your life is a reflection of a choice you have made. If you want different results, start making different choices.

2. Speak up with honesty and stop holding back what you think.

People may believe that honesty won't win you many friends--but even if that were true, the friends you make with honesty will be the right ones. Honesty is the cornerstone of all success, without which confidence and the ability to perform cannot exist.

3. Forgo being a perfectionist. Perfect doesn't exist.

Once you realize perfect doesn't exist, you can ease up on yourself. There's no harm in being wrong or making mistakes, as long as you're willing to make corrections. Just be yourself, flaws and all, and let people see the real you. Each of us is an imperfect human being, aware that we can't push away our failures and our flaws.

https://www.inc.com/lolly-daskal/how-to-immediately-change-your-life-for-better.html

Helpful Tips for Undergrad Admission

Be inquisitive

Ask a lot of questions and be thorough in your research; don't leave any questions unasked. Learn all you can about Marquette: scour our website, take a tour and meet with current students.

Be prepared

It's never too early to start thinking about college. As early as your sophomore year, you should be taking tough classes — and doing well in them.

Be organized

The college application process spans a lot of time, and you will likely apply to several schools. Make a file for each school and keep them organized for easy reference. Have your materials (transcripts, essays, etc.) prepared and neatly organized.

Be aware of deadlines

Marquette's application process is deadline intensive. Make sure you know the deadlines for all paperwork and deposits. Be familiar with our deadlines and give yourself enough time to complete all the necessary materials.

Be careful

Read application materials carefully and be sure to follow instructions. Ask parents, teachers or guidance counselors to review your application materials, especially essays, before sending them in. And then revise once more!

Be The Difference

Brag about yourself in your application! We want to know more about you than your GPA and test scores. Talk about what you have accomplished outside the classroom in activities or organizations. Marquette students have a reputation for academic excellence and service to the community. We look for those qualities in potential students. But we also want to learn more about your interests and your passions — the things that make you who you are.

https://www.marquette.edu/explore/application-tips.php

5 Tips to Achieve Anything You Want in Life

1. Focus on commitment, not motivation.

Just how committed are you to your goal? How important is it for you, and what are you willing to sacrifice in order to achieve it? If you find yourself fully committed, motivation will follow.

2. Seek knowledge, not results.

If you focus on the excitement of discovery, improving, exploring and experimenting, your motivation will always be fueled. If you focus only on results, your motivation will be like weather—it will die the minute you hit a storm. So the key is to focus on the journey, not the destination. Keep thinking about what you are learning along the way and what you can improve.

3. Make the journey fun.

It’s an awesome game! The minute you make it serious, there’s a big chance it will start carrying a heavy emotional weight and you will lose perspective and become stuck again.

4. Get rid of stagnating thoughts.

Thoughts influence feelings and feelings determine how you view your work. You have a lot of thoughts in your head, and you always have a choice of which ones to focus on: the ones that will make you emotionally stuck (fears, doubts) or the ones that will move you forward (excitement, experimenting, trying new things, stepping out of your comfort zone).

5. Use your imagination.

Next step after getting rid of negative thoughts is to use your imagination. When things go well, you are full of positive energy, and when you are experiencing difficulties, you need to be even more energetic. So rename your situation. If you keep repeating I hate my work, guess which feelings those words will evoke? It’s a matter of imagination! You can always find something to learn even from the worst boss in the world at the most boring job. I have a great exercise for you: Just for three days, think and say positive things only. See what happens.

https://www.success.com/10-tips-to-achieve-anything-you-want-in-life/