Like many of you, we’ve been looking at our kitchen over the last few years and thinking that maybe it was time for an update.
Also, like many of you, we found reasons not to take on the project….the timing wasn’t right; we were going on vacation; we had other household projects that needed to be addressed first.
Plus we had a new floor installed about a year ago and the cabinets — while original to the house — had been refaced. All our appliances are relatively new.
But when we decided to look at our kitchen through the eyes of a potential buyer, we realized that maybe the time had come.
It’s been a very interesting adventure and one that we’d like to share with you. We just posted on our social media pages the first of several installments that will chronicle the process. We hope you’ll find find the information helpful.
The first installment is linked here.
According to industry resource KCM, the top concern for most first-time home buyers is their ability to save for a down payment.
According to a new survey, 36% of millennials took on a second job to make their dreams of home ownership a reality in 2017.
Among millennials with incomes over $100,000 a year, the top ways to come up with the necessary funds were to sell stocks (20%) or to sell cryptocurrency (16%).
The most popular method of savings was the most traditional; 60% of those saving for a down payment used a percentage of their paychecks to achieve their goal, while 75% of those with salaries over $100k were able to save this way.
For those who have not yet begun to save for their down payment, 32% plan on pursuing additional employment, while 15% plan on driving for a ride-share service as their second job.
Many first-time buyers are mistaken about the down payment needed in today’s real estate market. In fact,
In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to home ownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low-down payment programs.
If you’re seriously considering buying a home, the best plan is to meet with a realtor and/or a reputable lender to discover what your options are. You may be closer to that down payment than you think!
For a quick summary of last week’s market news, please check out The Markets in a Minute from our partners at Residential Mortgage Services. (RMS)
Enjoy your week and watch for our social media updates on our kitchen remodel!
Mari and Hank