Millennial Home-Buying

Buying a home is a lot different these days than it was a decade or two ago. Millennials currently seeking to buy a home for the first time need to keep a few things in mind before they take the plunge.

The following are five tips to make the home buying process easier for millennials:

  1. Buy during the right time – Research the local real estate market. The best time is a buyer’s market, which means there are a lot of sellers and fewer buyers. As a result, you’ll have more room to negotiate and less competition.
  2. Know the true homeownership costs – Mortgage payments won’t be the only financial burden of homeownership. You’ll also pay:
    • HOA fees
    • Homeowner’s insurance
    • Maintenance
    • Mortgage insurance
    • Property taxes
    • Utility costs

…and more. Keep this in mind as you develop your budget.

  1. Pay off your debts first – Many millennials have large college loan debts. If you have any outstanding debts in your name, try to pay them off before you apply for a home mortgage, or you could find yourself financially strained.
  2. Save up for a down payment – The bigger your down payment is, the less your monthly mortgage payments will be. Your interest rate will be lower as well. By saving money so you can make a larger down payment on a home, you’ll save more money.
  3. Understand the closing costs – There are more money responsibilities after the down payment. You’ll be expected to pay for a variety of closing costs, including loan-related and property-related fees. Typically, closing costs account for 2-5 percent of the total cost and must be paid at the time of closing.

These are five tips of which all millennials should be aware when buying a home. For additional first-time home-buying advice, contact us at Randy Lindsay today.


Randy has enjoyed over 31 wonderful years in the Real Estate industry making dreams come true for homeowners.

Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.

Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.

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