The purchase of your first home will most likely be the most significant — andcertainly one of the largest! — purchase you’ll make in your lifetime, which is why it’simportant to know what you’re getting into. So we’re sharing 5 Tips Every First TimeHome Buying Millennial Should Know and Consider.

Millennial Home Buying Tip #1: Pay Down Other Debt First

One of the biggest challenges for first time home buyers is student loan debt.Working to pay down your student loan debt and any other outstanding large debt will help you get financially set for building up your down payment for your home –and help with your all-important credit score.

If you need help paying off your student loans, check out this great resource from Rachel Cruze, as she shares ​3 ways to pay off debt​.

Millennial Home Buying Tip #2: Save for Your Down Payment

Now that you’ve got all your debts paid down, it’s important to really dig in and crunch the numbers to establish what you can afford for your estimated down payment to buy your first home. It’s recommended to put down between 10-20%. Keep in mind: When you put 20% down, you’ll bypass private mortgage insurance(PMI) which will help you save in the long run.

Struggling to save and put money towards your down payment as a potential millennial first time home buyer? You aren’t alone. Create a clear plan with your end goal in mind. Set up a monthly budget and do your best to stick to it. By laying out your budget and monitoring your spending, you’ll see where you can cut back on“fun items” and set aside those funds to go towards your future home.

Millennial Home Buying Tip #3: Be Patient During the Process

The market is starting to cool down a bit, but it can still be a roller coaster of emotions when your surfing the home buying apps and everything seems to be ​just out of your price range. (You’re not alone! One of the best first time home buyer tips is patience. If there’s truly nothing within your budget for your preferred neighborhood location, or with your preferred home specs, maybe it’s time to see what could give up, which would allow you a bit more flexibility when searching.After all, you don’t want to be house poor, so the waiting game will be in your favor for you to find the right option.

Millennial Home Buying Tip #4: Understand the Home Buying Process

It’s important you know and understand first time home buying basics. Here’s a quick list of general steps that take place.

• Get pre-approved before you start your home search
• Know how much you can afford, without being house poor
• Improve your credit score and pay down debts
• Compare multiple lenders
• Choose the right real estate agent who understands your needs
• Find the right house–but not necessarily the ​perfect​ house
• Understand the importance of a thorough home inspection
• Prep all your mortgage documents
• Due your research and prepare for closing

Millennial Home Buying Tip #5: Enjoy the Home Search and First Time HomeBuying Experience

And the most important home buying tip for 2019​—​enjoy the process. Purchasing your first home is a huge step and investment for your future, which is something to be celebrated. Remember that when moments get tough, to sit back, take a deep breath, and try to take it all in. Soon enough you’ll be moving into your very first home and decorating it as any millennial would​—​with indoor plants, minimal decor and mid-century modern furniture.

We hope you find these tips for millennial home buying helpful! And don’t forget todownload the ​Looksy! App​ today. Have fun!