The millennial generation is made up of individuals born between 1980 to 2004. Defined as being “entitled, inquisitive, ambitious and hardworking” – millennials surely know what they want.
With that being said, these young buyers know what they’re looking for in a home.
A big chunk of today’s homebuyers are millennials. Almost 50% of come from this group. Because of this, home sellers have noticed that millennials share some common features that they want their homes to have.
Here are the top 5 millennial home must-haves:
FREE FLOWING SPACES
Unblocked spaces that gives a full view from the kitchen to the dining room and to the living room is a very common feature millennials want in a home.
What’s the beauty of an open-floor plan? Free flowing spaces allow more social time, make entertaining guest easier and increase views and natural lighting.
Thinking or rehabilitating your current home and knocking down some walls to create an open floor plan? A home rehab loan product can help you finance such home improvements. The FHA 203k loan is a repair and home loan all-in-one offered by the federal government. Ask an approved lender today and learn how this loan product can help you improve your home.
HOME OFFICE SPACE
Known to be career driven individuals, most millennials need a space in their home where they can work and contain work-related clutter and essentials in one place.
Studies have shown that millennials are more hardworking compared to the older generations. This speaks so much about how goal-oriented these people are. Must be because they want to afford an awesome home or they just want to fatten up their bank accounts. For whatever reason, a home where you can transition easily from work-mode to chill-mode is a major plus!
»To get matched with a lender, click here»
LOW MAINTENANCE HOMES
These budget-conscious young professionals don’t want to sink their money down frequent housing maintenance or repairs. A low maintenance home means more money can be allotted to the important things in life, like getting that car or buying that dazzling ring for their ladies.
Scratch out the tons of chores to do on a weekend – vacuuming the carpet, dusting off bulky and massive shelves, cleaning the gutters and trimming the grass. Millennials say they didn’t want to do those chores especially now that other important things like work family are the top priorities they devote their time to.
TECHNOLOGY AND ENERGY EFFICIENCY
These two are what makes a millennial home cool. Advancements in technology brought about the rise of tech homes. Most of our daily work is wired to the internet, and a home that has wireless fidelity internet and cable free gadgets has increased appeal.
Technology has also brought energy-efficient homes. In the advent of global climate change, more homes are built to be more eco-friendly . Solar-powered homes and those that leave lesser carbon footprint are some of the top features that homebuyers are looking at. It saves you more money and helps save the environment.
Millennials planning to make their current home energy efficient may consider HUD’s Energy Efficient Mortgage Program. The said program considers energy-efficient homes as an effective means to help homeowners afford their mortgage by reducing operation costs.
MODERN KITCHEN AND BATH
Let’s face it, the kitchen and bath are the main areas where updating and modernizing costs give you a headache.
An updated kitchen and bath appeals more to the young homebuyers because it saves them so much money, to begin with. And updating is not only meant to improve aesthetics but also for its conveniences – being worry-free from future repairs .
Our lenders can answer your questions about FHA loans here.
You can never be too young to start your journey towards homeownership. The earlier you realize that a home is also an investment and the earlier you start planning for it, the better. FHA provides homeownership education to anyone who wishes to finally have a place of their own. It also has a list of approved lenders you can talk to about the ways and means you can get qualified for a home loan.
Start your journey today because, for a millennial like you, the possibilities are endless!