When it comes to buying a new home, you come to learn that it’s not as simple and enjoyable as a walk in the park. The process can be quite hectic, especially for new home-buyers. However, the end result is always extremely rewarding and makes it all worthwhile.
When we say “new-home buyers” we are specifically talking about the millennial generation. Over time, we have seen an increase in millennials and the home buying market. With this new take-over of the younger generation purchasing home, there has been a massive impact on the housing market.
It comes as no surprise when we talk about how the Great Recession posed as scar tissue for this generation. The repercussions resulted in much difficulty that wasn’t allowing these individuals to save money on down payments for a house. This set back changed many potential home-buyers into renters, as they figured their best option was to hold off on purchasing their own property. But there is still hope! Do not listen to all the hype and start listening to the facts.
As we can see, rent prices can only increase over-time, which results in a huge portion of your paycheck to go towards your rent each month. Instead of burning through your hard-earned money, you can put it aside and save for a down payment for your own property. Nothing is more rewarding than being able to say that you paid for your house all on your own.
In this case, homebuilders must focus on not only the needs of this generation but the wants, as well. Besides, how hard can it be to accommodate the needs of millennials? (Trust me, just listen)
As this generation is the first to walk into buying a home with a cellphone in hand, they are naturally going to be attracted to a home that is more tech-savvy. Technological advances that are placed in the home, such as monitoring and entertaining, are a huge plus. It is also important to keep in mind that they prefer a comfortable living space, kitchen and outdoor area at an affordable price.
The homebuilders can take all of this information into consideration during the designing and building process. For example, they can build in areas that may have a hard time selling due to lack of curb appeal or don’t offer a beautiful view of the ocean or city. This gives the builders an opportunity to build it up by adding other important factors inside the home. This will also help the homebuyer as the price can increase when it comes to location, a great view, and extreme detail in design.
In March 2015, a report from the National Association of Realtors stated that Millennials now represent the largest group of homebuyers in America at 32%. In the upcoming years, the numbers are only going to increase. According to the 2015 TD Bank Mortgage Service Index, 50% of millennials have said that they are very likely to purchase a home in the upcoming year. Sooner than you know it, millennials will take over the entire market.
Those of whom are renting and paying monthly fees will find it more difficult to save for a down payment when the time comes and they feel ready for a house. Saving up for a down-payment will be more beneficial in the long run for those who are looking into buying property in the near future. Some millennials are even open to putting off a wedding or a honeymoon. Not only is buying a house a priority but also a large, long term investment for the future.