Who says millennials aren’t into buying new houses? First-time home buyers purchased 2.07 million houses for sale in 2017, a seven percent increase since 2016.
In fact, those first-time buyers who were buying new homes purchased 38 percent of all-single family homes in the United States.
For those buying new homes, there is no shortage of reasons to live in Florida. Between the copious amounts of sunshine, the miles and miles of beaches (1,200 miles and 1,800 miles of coastline) and no state income tax, America’s Sunshine State offers many opportunities for being new homes.
Florida’s total surface area is 65,755 square miles and 21.31 million people occupy the Sunshine State. Florida attracts more than 100 million visitors and Florida’s population grows by almost 1,000 people every day.
From condos to luxury oceanfront homes, there are plenty of options. In fact, there are 7.42 million homes and apartments available in Florida today, so there are plenty of new houses for sale.
Living in Florida doesn’t have to break the bank either. According to Neighborhood Scout, the median home value in Florida is $209,623. Only 1.5 percent of homes in Florida cost more than $1.42 million.
Looking around at new houses for sale usually means getting a home loan as well and knowing what to do there is important.
- Know Your Credit Score: With the convenience of online banking, it takes just a few minutes to pull up your credit score. This is very important if you’re aiming to get a home loan. The last thing you want to find out is that your score is lower than you thought or there’s something in your credit history you forgot about. Having a low score or poor history can bring your plans for a home loan to a halt real quick.
- Save Money: Most home loans require some sort of down payment, so not having cash on hand is another potential road block. Most lenders set their own requirements for a down payment, but keep in mind that the bigger the down payment you make, the more it’s going to help you in the long run.
- <Manage Debt: Having credit card debt won’t stop you from getting a home loan, but the less you have, the better your chances are. Lenders look at how much debt you have and too much could be a hindrance. Paying off credit card debt could help your chances of securing a home loan.
If you’re looking to put a stamp on your new place, there are plenty of options when it comes to new home design. These options include:
- Going Green: As the world becomes more environmentally conscious, it’s never a bad idea to consider making your new home more eco-friendly. It lessens your home’s carbon footprint and it can be done very easily.
- Use low-VOC paints if you’re adding fresh coats of paints to different rooms.
- Install energy efficient appliances.
- Install energy efficient windows
- Install solar panels for heating and cooling or use geothermal energy.
- Add a personal gym
- Add a media room
- Add a private bar or a wine tasting room
- Add a cigar lounge
When it comes to new home design, the sky is the limit. An estimated eight percent of home buyers have household incomes of $200,000 or more. Additionally, 34 percent of home buyers are first-time buyers according to the National Association of Realtors. So if you’re looking for a whole home makeover or looking to add modern elements to your luxury home, the only limit is your imagination.