2016 is sure to be the year the Millennial generation enters the home buying market in a big way. New rules were recently put in place that will make the home buying experience much more transparent. While mortgage rates continue to be well below historical norms, a new generation of home buyers is about to seize the opportunity and take the next exciting step towards home ownership.

Self Qualification

Yes, the process of getting into your first home is becoming easier. New forms in the application process bring real numbers to the forefront giving you a clearer view of how much this will cost. This transparency will allow you to assess your future costs better than homeowners had in the past.

That said, the home buying process is still often a dizzying affair. First-time home buyers are often caught up in the excitement. But this might be a good time to consider some realities of what will be the next best decision you’ve ever made.

Trading Rent for a Mortgage

When you are assessing your expenses, it is natural to swap out your current living expenses (rent) and replace it with your estimated mortgage payment (mortgage, insurance, and taxes). But these are not evenly traded costs and this was key for the new transparency regulations I just mentioned.

As a renter, many of the issues surrounding your living arrangement were built into your rent. In other words, your landlord created financial expectations on how much it would cost her to rent to you. As a home owner, these costs are direct and if you do not account for them, unforgiving.

The idea was to eliminate and streamline the process but some of these changes may come as surprise to some.

Why is this important?

There are several reasons for these changes. As much as we all like surprise gifts, financial surprises are almost never welcome. New homes and slightly used ones all come with costs you may not have considered. Some are obvious while others are more subtle.

Some involve cosmetic improvements or new furniture to accommodate your new space. While these can be deferred and even saved for, some members of the millennial generation expect much quicker fulfillment than a generation or two ago.

Some are maintenance issues that, even though there were inspections done prior to moving in, can still surprise you soon after you move in. While it is difficult to budget for sudden surprises, setting aside a budgeted allotment will help you meet some of these unexpected costs.


By considering all of the costs associated with homeownership, you can make adjustments in your overall budget and when you do that, you stay on firmer financial footing.


On behalf of The Jones Group @ Sunriver Realty

Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate

Bryce Jones, Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR

Karen Marcy, Broker/Realtor

The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707

Mobile: 541-420-3725 | Mobile: 541-420-4018 | Mobile: 503-327-9611 | Fax: 541-593-5123



Licensed in Oregon