Telephone: +0800 123 4567
+0800 123 4567
 

4 Tips For Millennials Who Want To Buy A Home

4 Tips For Millennials Who Want To Buy A Home

Posted on

Millennials are the generation that inspires countless memes and lectures from baby boomers, but did you know they’ve actually been the largest generation of home buyers for several years in a row? They’re breaking all the “lazy and entitled” stereotypes to move out of their parent’s place and right into their own homes. And they’re giving hope to younger millennials who may be doubting their ability to become homeowners one day. So, how does a millennial in 2020 turn their dream of owning a home into a reality?

Find The Right Realtor

Just because their obnoxiously white smile is plastered on every bus bench in town, doesn’t mean they’re the right realtor for you. A home is one of the biggest financial investments you’ll ever make, and it’s important to do your research and find a professional who will help you make the right decisions. That means at least four years of experience, and knowledge of the real estate market that’ll lead to you finding a great deal on your first home – one that doesn’t have leaky pipes or a haunting past.

Photo: Shutterstock/goodluz

Most importantly, look for a realtor who truly listens to your concerns and the specific things you’re looking for in your first home. If they brush you off because of your age, that’s a major red flag. 

Pay Off Your Other Debts

It may seem obvious, but it’s probably not the best idea to buy a house if you’re still thousands of dollars in credit card or student loan debt. Sadly, this reality has delayed the homebuying dreams of many millennials. The National Association of Realtors reports the top three expenses for millennials that postponed saving for a down payment are student loans, credit card debt, and car loans. 

Photo: Maxpixel

You know what that means? Start paying off those debts! Not only will this boost your credit score, but you’ll be able to stash more cash, and take the first step towards owning your first home. 

Don’t Forget About Hidden Costs

You may think you’re completely prepared to become a homeowner… crunching all the numbers on a mortgage calculator, and determining that you’re financially set to move into your own mini-mansion. After all, you have a full-time job and a great salary now, but don’t forget that the mortgage is only one payment you’ll have to make each month. 

Photo: needpix.com/Pexels

There’s also property taxes, mortgage insurance, homeowners insurance, maintenance costs, and other fees that are just as “not fun” as they sound. Once you find a home you’re interested in purchasing, be sure to have it inspected by professionals to determine just how much you’re facing in repairs, and you may just avoid a costly mistake. The last thing you want is a collapsed roof, or faulty plumbing a month after moving in.

Stand Out Against The Competition

When it comes to the starter homes you’re probably looking at, your competition is likely other millennials… and baby boomers. That’s right, the generation that loves to bash on “entitled millennials” is now coming for the very same house you’re hoping to buy. 

Photo: commons.wikimedia.org/Reg Summerhayes

Why is that? Many have grown children who’ve moved out of their old homes, and are looking to downsize into a smaller and cheaper place. They may have more money and experience than you, which is why you need to stand out in the housing market. That means taking extra steps like getting pre-approved for a home loan, which sends a message to the seller that you’re serious about buying, and making quick decisions, rather than leading the seller on while you browse other options.

Home Buying 101

A house is one of the most expensive purchases you’ll ever make, and millennials need all the facts before they start their home buying journey. You may want a home with a pool, but were you aware of all the cleaning costs? Have you saved enough for a down payment AND a bathroom remodel once you move in? Millennials are the generation that makes things happen, and with these tips at their fingertips, they’ll be moving into their dream homes in no time.