Almost 25% of Millennials (ages 26-41) claim they plan on renting forever, according to this Apartment List article. That’s nearly double the amount since they started their ongoing survey of 31,000 Millennials in 2018.
In the grand scheme of things, 1 in 4 Millennials swearing off homeownership forever isn’t earth-shattering news. To put things in perspective, the highest rate of homeownership ever was 80% in North Dakota back in 1900. But generally speaking, the homeownership rate has hovered in the 65% range nationally for almost 5 decades. Some people will always be renters; homeownership isn’t for everyone.
There are four main reasons they give for not buying:
• They feel it’s financially risky (19%)
• Don’t want the costs of maintaining a home (30%)
• They like the flexibility renting allows (28%)
• Can’t afford to buy a house (77%)
Call me to discuss your specifics. It may be the right time for you now!
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Home inspections are a must-have when buying a home, and understanding what the inspector will be looking for can be helpful. That way, problems can be identified early, and you can decide if they need to be addressed before closing.
But what, exactly, are inspectors looking for during a home inspection?
A recent video from realtor.com outlined some of the potential issues home inspectors are looking for during the inspection process, including:
- The foundation. One of the first things many inspectors will look for are potential issues with the home’s foundation. For example, can they see any visible cracks in the concrete? Are all the windows, walls, and doors straight—or are they off-kilter?
- The roof. The inspector will also climb onto the roof and look for evidence of wear or past leaks. They may even crawl into the attic to see if there’s any leak-related water damage.
- The appliances. The inspector will also go through the home and check the functionality of all the appliances. For example, is the kitchen sink draining? Does the garbage disposal work? Do all the sinks, toilets, and faucets in the bathroom work—and are there any leaks?
FUN FACT: In my earlier days, I used to be a home inspector. Today, my clients find it a HUGE benefit when working with me. Give me a call at 317-625-0655 if you have something you want me to look at.