3 Tips for Millennial Homebuyers

By Dan Main

72 percent of millennials consider buying a home to be a top priority in their lives, ranking ahead of getting married and having children. A home purchase is a sound investment, a point of personal pride, and a source of great comfort. Here’s what to keep in mind as you navigate the homebuying process.

A Millennial's Guide to Homebuying

1. Think Long-Term

A home purchase should meet your needs in the short- and long-term, so think of the future when looking at properties. If you're single now but hope to get married or start a family one day, then it makes more financial sense to buy a home with enough room. This will save you considerable money and stress down the road.

2. Save for a Down Payment

Take the time to set some money aside for the down payment. Aim for at least 20 percent of the selling price. If you've just started the home search, or haven't yet begun, it can be difficult to know how much to save. First, figure out your budget and get pre-approved by a lender, then save about 20 percent of the price for which you’re authorized. The more you put down, the shorter the mortgage, and the more you save on interest in the long run.

3. Be Patient

Don't rush into a home purchase or buy something that you can’t afford. Work with your realtor and lender, come up with a budget that makes sense, and stick to it. If no home meets your needs right now, be patient. It may take some time, but in the end, you'll have a home that makes you—and your wallet—much happier.

If you're considering a home purchase, explore your mortgage options with Dan Main in O’Fallon, MO. He has more than 20 years' experience serving homebuyers throughout the area. Dan will guide you through the home loan application process and answer your questions about interest rates, down payment assistance, and other essential information for buyers. Call (636) 284-4144 or visit his website to schedule an appointment.