Millennial Home Buying: Trends and Tips

Homeownership is a common goal for people across the globe. Often, people (most commonly millennials) struggle to comprehend how they will be able to afford a home. At GuardHill, we advise our clients on the best practices before purchasing a home and help turn homeownership dreams into a reality.

 

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-Millennial Home Buying Trends

Financial Investment

Today, millennials are not necessarily waiting to purchase their first home until they get married and have children. Instead, millennials see buying a home as an excellent financial investment and making minor home improvements over the years may result in a higher return on the investment. Click here to learn more about which home repairs and renovations may provide you the most significant ROI.

Loan Options

Saving for a down payment is the primary concern among the younger generation of home buyers due to increasing student debt. FHA loans are becoming increasingly popular among millennial homebuyers because they allow for a lower down payment, which may help balance the struggle between saving for a down payment and paying off debts.

-Helpful Mortgage Tips

Cash Gift for Down Payment

If saving for a down payment is hindering you from buying a home, consider using gift money. Mortgage lenders allow cash gifts for down payments, as long as there is a formal gift letter that documents and explains the gift.

Home Buying Calculator

Use our helpful home buying calculator to determine how much house you can afford. Understanding how much your monthly mortgage payments would be can help you plan your financials for the future.

 

-Benefits of Owning a Home

Owning a home may be less expensive than renting in the long-run. Click here to learn more about the benefits of buying vs. renting. Additionally, owning a home may give you greater emotional comfort as you will have the freedom to make your space truly your own.

 

We are here to help advise our clients and potential home buyers. Our goal is to make owning a home achievable for people across the globe. Contact us today to learn more about buying a home and how we can help turn your homeownership dreams into a reality.