3 Home Buying Tips For A Millennials

​Millennials are very spontaneous and adventurous. It’s no wonder people have this idea that millennials can’t buy a home because they spent it all on pretty much anything. However, the National Association of Realtors’ 2020 report contradicts the idea of most people about millennials. According to the report, millennials made up most of the home-buying population at 38% in 2019.

Tips on home-buying
Although they are the largest demographic in home-buying, millennials are still struggling with having a stable job or a decent salary. Here are four helpful tips for a millennial on buying a home.

1. Money matters - A key player in the economic system; money makes the world go round. For a person to buy a house, they should consider these:

• Build your credit score - One good thing to build or grow your credit score is to pay your bills on time. Although this takes time, it will surely increase your odds of buying a house.
• Pay off loans and debts - Student loan poses a challenge to any millennial homebuyer. On top of that, credit card debts and car loans are also evident in the present society. Potential homeowners should have a budget or use a debt snowball strategy.
• Save money - millennials earn 20% less than the previous generations. Even though this is normal, saving up for the downpayment is an excellent start for buying a home.

2. Research - when buying a home, research the additional costs, and get familiarized with the housing market.

3. Know your ‘must-haves’ - as said earlier, millennials are keen on specific features when picking a house. Millennials should keep in mind those features to evaluate your budget.

Conclusion
Specificity, millennials want a home that they can call their own. According to the Washington Post, millennials prefer to be in a community, and they want their homes to be technologically advanced. But buying a house is a tremendous step in any person’s life. The tips mentioned are beneficial but are just your guiding stars. 

You need to think ahead and have a fool-proof plan in safeguarding your future home. A homeowner’s insurance is your safest bet in creating a safe and anxiety-free place.

At Leigh Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at  (904) 826-0799 or Click Here to request a free quote.