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Millennial home-buying trends include open-minded options

Millennials are part of a unique group of young adults in today’s housing market. Not long ago, many were living with their parents and not yet ready to embark on the journey of complete independence. With this trend comes the ability to move slower and research harder before signing on the dotted line.

Making commitments such as marriage and purchasing a home are not to be rushed into for many young adults. The trending attitude relies more on delaying responsibility to more online research and making a well-thought -out decision.

A new approach to settling down

Today’s new homebuyer is less ready to jump into a large purchase that is more than they can afford. If they’ve learned anything from previous generations, it is the Great Recession of 2008 that displayed how devastating it is when you get in over your head in obligations you can no longer meet. Along with this is mounting student loan payments experienced by many millennials who have naturally adopted a more frugal mindset.

Some important aspects to millennial home-buyers include:

Open floor plansHaving an open floor plan can make a smaller home feel less enclosed. Millennials are opting for less obstruction with rooms and walls and more simplicity and openness.

Energy efficiencySaving money by reducing energy expenditure is highly valued. Bright natural light and energy efficient appliances are some of the benefits that come with a home that is frugal by design.

SmallerdimensionsTiny homes are potential gems for new homebuyers. There is less desire for large, flashy dwellings and more importance placed on quality and affordability. Many new homebuyers prefer a home that is simple and easy to maintain.

DIY projects – Fixing up a home using YouTube tutorials or watching favorite shows like ‘Fixer Upper’ is inspiring more young home-buyers to channel their creativity while inexpensively personalizing their space. Cheaper homes in need of repair are getting some attention with these buyers.

Conducting research and staying frugal is the right approach for any generation when it comes to making a home investment. There are always potential pitfalls that could complicate the process of buying or reselling a home. Thankfully, there are many resources and information available on real estate laws and procedures that protect less experienced homebuyers.

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Weber, Fabiyan & Associates, LLC | 2366 Route 9 South | Building 2 | Howell, NJ 07731 | Phone: 732-639-1952 | Fax: 866-475-7594 | Fax: 732-761-0814 | Howell Law Office Map

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