What You Want To Know If You’re Pursuing Your Dream of Homeownership

What You Want To Know If You’re Pursuing Your Dream of Homeownership | MyKCM

If you’re a young adult, you may be thinking about your goals and priorities for the months and years ahead. And if homeownership ranks high on your goal sheet, you’re in good company. Many of your peers are also pursuing their dream of owning a home. The 2022 Millennial & Gen Z Borrower Sentiment Report from Maxwell says:

“Many young adults have demonstrated their resolve to embark on the journey toward homeownership soon. More than half of millennials and Gen Zs plan to apply for a mortgage sometime within the next year.”

Let’s take a look at why homeownership makes the top of so many young buyers’ to-do list and what you need to consider to achieve your goals if you’re one of them.

Top Motivators To Buy a Home

Before you start the homebuying process, it’s helpful to know why homeownership is so important to you. The survey mentioned above sheds light on some of the top reasons why younger generations are looking to buy a home. It finds:

No matter which of these resonates the most with you, know there are many financial and non-financial reasons why you may want to buy a home. While your top motivator may be different than that of your friends, they’re all equally valid and worthwhile.

Key Obstacles and How To Overcome Them

Whether your homeownership goals come from the heart or are driven by financial aspirations (or both), it can still be hard to know where to start when you’re looking to buy a home. From understanding the homebuying process, to getting pre-approved, and exploring down payment options, it’s a lot to wrap your head around.

The same Maxwell survey also reveals key challenges for potential buyers. Thankfully, the knowledge and guidance of a trusted real estate professional can help you overcome both. Here’s a look at two of the hurdles potential homebuyers say they face:

1. The Mortgage Process Can Be Intimidating

In the Maxwell study, 33.37% said one of their obstacles was that the mortgage process is confusing or difficult to understand.

An article by OwnUp helps explain why the mortgage process is so challenging for buyers:

“There is a general lack of knowledge about home financing. Mortgages are a complicated topic with no one-size-fits-all answer. It’s difficult to understand the space, let alone determine what the right course of action is based on your unique financial picture.

While you may be tempted to do a quick search online to find instant answers to your questions, it may not get you the information you need to understand the full picture. Especially when it comes to financial advice, you want to lean on a true expert. Having trusted professionals on your side can help you to learn what it takes to achieve your dream of homeownership. Not to mention, an expert can give you advice specific to your situation, not generic advice like you’ll find online.

2. It’s Hard To Know How Much You Need To Save

In the Maxwell study, 45.75% believe they don’t have enough saved to cover their down payment or closing cost expenses.

What you may not realize is that, today, there’s a growing number of down payment assistance programs available nationwide to help relieve this pressure. A report from Down Payment Resource says:

“Our Q3 2022 HPI report revealed a 1.6% uptick in the number of homebuyer assistance programs available to help people finance homes, raising the number of programs to 2,309, a net increase of 36 over the previous quarter.”

Additionally, as the housing market cools, buyers are regaining some negotiation power and more sellers are willing to work with buyers to help with closing costs.  Understanding what’s out there and the options available may help you achieve your dream of homeownership faster than you thought possible.

Bottom Line

If you’re serious about becoming a homeowner, know it may be more in reach than you think. Lean on trusted professionals to help you overcome challenges and prioritize your next steps.

How to Manage Owning Multiple Businesses and Homes in Different States

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(Article submitted by Charlotte Meier, website http://homesafetyhub.org/)

Opening a location in a new state is great news for your business as it signifies that things are on the up. But, managing multiple businesses can be a tough task, especially for first-timers as each location will have its own set of rules and requirements. For example, if your business is currently registered as an LLC in Arizona, but you plan to open a new location in Nevada, you will need to register the new business under a foreign qualification. In this article, we’ll explore the best ways business owners can manage the semantics of running businesses and owning homes in multiple states.

Hire a Registered Agent

As reported by SCORE, while business owners can serve as their own registered agents, when managing a business location in a new state, it’s best to hire an individual or a company to act as an agent on your behalf.

A registered agent will undertake various important responsibilities such as:

  1. Being the point of contact to receive legal documents, official notices, and more on your behalf.
  1. Helping you stay on top of reporting requirements such as tax filings and sharing annual reports.
  1. Providing advice on remaining compliant with local and state level regulations

Make Regular Visits

When managing multiple locations, create a schedule to ensure you dedicate ample time based on requirements. During your visits pay close attention to staff behavior, upkeep of the property, financials, and conduct meetings with the manager(s) to ensure that performance is on par with set goals.

Use Technology Solutions

Project management tools and accounting software are two of the many cost-effective technology solutions you can use to manage multiple businesses with ease. Whether it be creating new business plans, managing finances, or tracking performance, using these tools you’ll be able to maintain a balance between both businesses to ensure each gets the attention it deserves.

Additionally, it can reduce the need for switching between locations more often than you should. Allowing you to spend greater time with your family than on the road.

Invest in Home Security

Frequently traveling for work will mean you won’t be home for long periods. Hence, it is important to invest in good home security solutions to keep your family safe, especially if you’ve just moved into a home in a new state. Here are the best options to consider:

  1. Install a doorbell camera that you can monitor remotely and record everyone who visits your home.
  1. Add security cameras and good lighting around the perimeter to deter thieves and protect the property 24/7.

Before purchasing any of these items, take the time to research them online and read customer reviews to shortlist the best brands which sell quality products at a fair price.

Best Locations to Consider

Along with set-up costs, you’ll need to consider the cost of living in the new location as it will have an impact on everyday decisions and the quality of life of your family. Cost of living is calculated as an index, with 100 being the national average, here are the top five locations to consider:

  1. Arizona: Utilities in this state are lower than the national average (99.1) with grocery, transportation, and healthcare costs being affordable as well.
  1. Nevada: This state is comparatively cheaper in utilities (91.6) and has no personal or corporate income tax.
  1. Texas: Another state which has no income taxes and boasts of an affordable overall index of 92.1 which makes it easy to manage business and personal expenses.
  1. Mississippi: With an index of 83.1, this state currently has the lowest cost of living across all factors (e.g., housing, groceries, transportation).
  1. California: This state has one of the highest indexes at 139.8, but you can find deals if you do a little research. For example, you can find small-sized storage units for as cheap as $52 per month in L.A. (click to find storage units in Los Angeles).
  1. North Carolina: As reported by CNBC, this state is one of the best locations to start a business. Additionally, residents reap the advantage of below-average housing, groceries, and utility costs.

When it comes to managing multi-state businesses and living arrangements it’s best to take help from professionals such as registered agents, technology solutions and choose locations with affordable costs of business-related amenities such as utilities and storage.