Millenails are a lot of things. And recent surveys show them as something you may have not expected; practical homeowners. This next generation is making some surprising decisions when it comes to priorities in home buying!
Results show that despite having "aspirational dream homes" they have realistic goals and are aware of their budgets in regards to buying and renovating. A trend that has been noted is these young homeowners being far more likely to live in lower-end homes that are older and in need of being fixed up. The survey stated that 50% of these Millenial home buyers moved into homes that required at least some degree of repair.
These young homeowners seem to have no fear in regards to getting hands on! Almost 90% reported being very interested in learning about DIY home repair and improvement. 3 out of 4 even stated that they've already done some updates to their homes.
Aside from no fear in getting their hands dirty, Millenials are also quite practical when it comes to making the massive decision of purchasing a home. They are not overshooting their budgets for dream homes in the moment. They seem to believe in eventually being able to afford them over time as they achieve them.
Of course that doesn't mean they don't want to make the best of what they have. Large numbers of the survey respondents stated that their goals for their first homes included renovating the kitchens, bathrooms, and patio spaces.
Despite the flack this generation often receives, they definitely seem to be going about this in a very responsible manner. A new generation of confident and responsible homebuyers can only mean good things to come for the future of real estate.