The Ultimate Tips for Millennial Homebuyers
*Contributed by Ryan Smith, Redfin
Are you a millennial thinking about settling down and buying your first home? Saving for the 20% down payment can be overwhelming – for many of us, it’s tough to know where to begin! To help ease the burden, we rounded up the financial experts to weigh in with their best tips for millennial homebuyers. From long-term investment strategies to day-to-day saving tips, whether you’re in Sacramento or Philadelphia, here are the best ways to inch toward your first home straight from the experts that know best.
Brian says, "Although your mortgage is a fixed payment, property taxes and insurance costs tend to creep up every year as your property value increases. To combat these rising costs, shop your home and auto insurance every two to three years through a broker—not a captive agent (one that works exclusively for one carrier). Unlike a captive agent, a broker can help you shop multiple carriers to get the best deal. Additionally, traffic isn’t getting better, at least not anytime soon. Do a test drive (or take public transit) from your potential new house DURING what would be your commuting hours to get an idea of how long it will truly take."
Read the full article on Redfin's blog.
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