You’ve turned your tassel and maybe even thrown your cap into the air, making your graduation from college official. And, as you make your way into the adult world, you might begin to think about what you’ll buy with your first real-world paycheck. For many young adults, a big chunk of every payday goes toward housing costs, and it’s likely that you’ll be in the same boat.
It’s quite different to find a place to live after college. At school, you likely knew exactly where you wanted to live based on location: which friends lived close, which hangouts were nearby, etc. If you’re up-and-moving to a new city, your idea of where to put down roots might be hazy. If this is the case, do a bit of research on travel or real-estate sites based in that city to see where its young people tend to congregate. You could also reach out to friends or friends of friends who have moved to where you’re moving — you’ve likely kept up with a big network of people via Facebook and other social media sites, after all.
Big cities especially tend to have pockets where young people love to live and hang out, so it’s worth finding out where those areas are before you sign a lease. As for where to find a room? You could always start on a universal site like Craigslist; many cities also have their own real-estate sites specifically for renters in the area, too. Again, a quick Internet search will most likely unveil this type of information — we have no doubt that a millennial like you will be able to get the ball rolling with a click of the mouse.
Beyond that, most college grads know what it means to sign a lease on an apartment and live out the terms for 12 months or so. You might have further questions if you’re considering buying a place for the first time, though. One great way to navigate through it is with the help of a local mortgage broker. A mortgage broker will be your champion as you make your way through the loan application process. He or she will take your income, credit score, savings, etc., into consideration before drawing up papers for a loan for which you qualify — and which you can afford. Then, the broker will liaise with the bank to make sure the lenders and you agree on all terms before anyone signs. Clearly, for a first-time buyer, this is an important service, and one that should be performed by someone you know you can trust. On top of a mortgage broker, you could even check in with a lawyer to make sure what you’re signing is fair (the same goes for a rental property, too).
Renting or purchasing your first adult apartment or home is a milestone in your life that shouldn’t be taken too lightly. With a bit of research, patience in your search, and a reliable team to guide you through the process, though, you’ll have a set of keys in your hand in no time. Remember that average mortgage rates have been historically low so buying might be a better option than renting in 2016 and beyond.