M
illennials, the first generation to grow up with the internet, are often associated with progressive values and purpose-driven aspirations. However, they've faced numerous challenges, including recessions, pandemics, and natural disasters, earning them the label of the "unluckiest generation." Many millennials have become first-time homebuyers later than their predecessors, making it essential to navigate the process carefully.

    If you're a millennial ready to purchase your first home but unsure where to start, don't worry. Real estate agents shared valuable tips to help you find the best deals and avoid common pitfalls. The key is to get clear on what you need in a home and stick to those criteria. Realtor Ryan Dossey recommends making a list of must-haves, such as the number of bedrooms and bathrooms, square footage, yard or garage requirements, budget, and preferred zip codes.

    By narrowing your options, you can avoid feeling overwhelmed by Zillow or overspending on a home that's not right for you. Consider how a potential acquisition fits into your financial goals. Will you sell the home when you move out or rent it out as passive income? This will help you decide if your purchase serves more than just as a place to live.

    It's also essential to think long-term, even for a starter home. Realtor Levi Rodgers advises considering resale value and potential growth in the neighborhood. Budget for unexpected costs by saving for repairs, upgrades, and changes in taxes and insurance rates. Don't max out your pre-approval to leave room for surprises.

    When searching for financing options, explore all possibilities, including FHA loans with as little as 3.5% down. However, be aware that these loans come with Private Mortgage Insurance (PMI), which can increase the cost over time. Research and compare lenders to find the best interest rate balanced against loan terms. The longer you pay on a mortgage, the more you'll pay overall.

    By following these first-time homebuyer tips from real estate agents, millennials can navigate the process with confidence and make informed decisions that set them up for long-term success.