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Millennials have entered the homebuying realm in droves.
However, this generation still faces frustrations and mistakes in the process that can be solved with carefulplanning.
She explained some of the key mistakes millennialsmake when trying to save for a house.
You have the supersavers and the freewheelers.
The supersavers tend to live in smaller apartments than they can afford, Song explained.
Though they can afford more, they choose to not go big and instead focus intensely on not spending.
On the flip side are the freewheelers, most of whom are making good money, she said.
They are not the spendthrifts they are expanding their lifestyle because they feel that they can afford it.
There are so many hidden costs when it comes to buying the house.
These are things that people dont necessarily plan for.
And this can range from $10,000 to $50,000.
However, they may still want to buy investment properties.
The problem is, they often forget to consider cash flow in an investment property.
And the last thing you want to do is get caught at that bottom moment, she said.
Most of these mistakes are surmountable with clear planning, Song said.
If in doubt, you’re able to always speak to a real estate or financial planning professional.
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