There have been a lot of stereotypes attached to millennials, but perhaps the most common is that they are home-buying allergics. For sure, you’ve seen it in countless news reports and surveys: this generation is lagging behind home ownership. They’re renting longer than previous generations, or they’re staying at their parents’ basement even well into adulthood. Despite that, there are a lot of things you can learn from this generation about getting a house. When you go beyond the surface-level labels, you will find these habits that make them smart home buyers — practices you should adopt yourself:
1. They don’t rush
Millennials aren’t rushing into home ownership, precisely because they understand well that it’s expensive feat. Remember that this is the generation who struggles the most on paying off student loans. Taking on more debts and expenses, aka applying for a mortgage and owning a home, isn’t a good move then — and so they strive for financial stability. This is the kind of attitude you want to embrace as well: calculating the real cost of getting a house and being straight-up honest about your finances. Before you attend open houses in your favorite Salt Lake City neighborhood, see if your expenses, which includes mortgage payments, closing costs (appraisal fee, survey fee, document prep fee, credit report fee, etc.), agent commissions, taxes, insurance, among others, won’t drain out your income and savings. If you think you’re still not in that place of security, then postpone buying a home for later. Don’t give in to the pressure of getting into the market fast.
2. They use technology
At the time millennials are ready to buy a home, they’re also ready with their phones. As you know, the Gen Y are the techie generation. They grew up with the rise of the Internet. They’re strapped to their gadgets. They love communicating over social media. This obsession over tech pours over to how they buy homes. They have their first peek at their dream homes at real estate apps. They check out the mortgage rates Utah lenders provide at websites. They crunch up their budget at online mortgage calculators. Sometimes, they even take their first tour of the actual home at the comfort of a showroom through virtual reality. This is another important home buying habit you should learn from millennials: take advantage of tech. Scour the internet for more information about the properties you want to see. Use apps for house hunting. Visit websites of lending agencies. With the help of tech, you can make your journey less stressful and more efficient.
3. They look for tiny homes
Not just to save some bucks. Millennials love to travel, given that they think of experiences as of more value than material stuff. This means they spend less time at their houses, and so tiny homes, which require less maintenance, make sense. The Gen Y is also very eco-conscious, so such properties that use fewer raw materials and less energy and water fit into their preferences. Adopt this home buying habit of tiny house hunting yourself. You can save more money, with fewer expenses on buying and maintaining the property, and you can save the world while doing it.
Millennials’ Home Buying Habits
Who would have thought you could learn good home buying habits from the generation whose most allergic to property ownership? Embrace these practices yourself to get the home of your dreams (without breaking the bank).