What is your best piece of advice or financial options when it comes to Millennials and Gen Z purchasing first homes?

When you're looking to purchase your first home, it is only logical that you seek only the best deals. Looking for bargains, however, may not be the best strategy because usually there are very good reasons for the previous owners to set the price so low. If you see a surprisingly low asking price, that should immediately set off your red flag alarms. Ask yourself and, more importantly, the current owner, why so low, and if the house needs a lot of work. You don't want to buy a house cheap only to spend the same amount on fixing all the problems you've just signed on.

If you want to get a good deal on your first home, be prepared to negotiate. Most sellers want to get the highest price for their home, but if you make a reasonable offer, and you're a serious buyer, you may be able to get a discount. Tell the seller what you can afford, and if you're willing to make repairs yourself. This may help lower the price and get your first home for a cheaper price.

Your checklist must include all the factors that can affect the value of the property that you will buy. It will be your budget, the source of your funds, the location of the property, accessibility, and others. Are you going for a mortgage? Consider the interests. Is it revolving or fixed? One possibility is that it can accumulate. It will be like weighing the pros and cons of the purchase. Real estate is a sound investment if the conditions are right. Do not buy in on initial instincts. Ask around. You may also check the online reviews if these are available. It must form part of your checklist.

Buying a home is a great leap in life, making it a very important decision. For millenials and generation, Z deciding to acquire their first home, having your credit score up to standard is vital. A good credit score will ensure that you will not be barred from acquiring financing for the property. Apart from ensuring you get a mortgage loan, the credit score ensures you get low-interest charges on your property financing. It's vital to keep your credit score positive.

While the median age of a first-time home buyer is 34, about a third (32.5 percent) of first-timer buyers are 40 and older. A significant chunk of that group (15.5 percent) are 50-plus, according to Zillow Group Consumer Housing Trends. The best advice for all-aged buyers is to save enough to put 20% down (more, if possible) and to focus on the purchase price. For younger buyers, saving for the downpayment is cited as the biggest challenge, one that older buyers have had more time to tackle. As for purchase price, this long-time strategy still holds true: buy the cheapest house on the best block. It's one of the fastest ways to accumulate equity.

Millennials have been buying homes for a while now, but Gen Z is just getting started. The future of real estate lies in the hands of these first-time homebuyers: Millennials and Gen Z. Younger buyers are more likely to buy in areas with lower prices and lower taxes, and they tend to value smart design and green energy—in other words, they're looking for ways to save money and make their homes environmentally friendly. This means that they're willing to invest in their homes, which means they're more likely to stay put for the long term! As Millennials move into their 30s, they're looking for larger homes; as Gen Z moves into its 20s, it's looking for smaller spaces. In both cases, this means that the demand is growing—and so are the opportunities for developers who want to get involved in the market early on.

1. If being a home owner is a priority, make it your life's mission. - Set a budget goal, timeline and start saving - Have a separate savings account solely for this purpose - Do not spend you tax returns, route them to your savings - Pack home made lunches and skip extravagant unnecessary purchases. Being a young home owner is the new cool - Work on your credit score- pay your bills on time, keep your credit card utilization under 30% 2. Partner with Family or friends - The first home is always the toughest one to buy. Find like minded people to partner financially and buy the property. This will help you to be a homeowner quickly -Also, in a market like Ontario, you can leverage the equity and buy the next one sooner 3. Your first home does not have to be your dream home, there is a difference - Distinguish between your wants vs needs - Remember, entering the one of the world's most inflated real estate market and start building equity as soon as you can should be your goal!