A recent article says that millennials are not afraid to purchase handyman specials. And frankly, at first I was surprised.
However, after thinking it over, I’m not. In fact, the survey said that 67% of millennial buyers in the survey said they wold make an offer on a home needing major repairs. At first, I though they would balk at a home needing TLC. After all, millennials want everything and they want it NOW – right?
But then I think of my kids – and their friends. And they are millennials too. Do they want a nice home? Yes. But were they willing to work for it? Yes. They all purchased homes that needed some work to make it nice. One daughter has made three additions to her home, which started as a 2 bedroom ranch. Another daughter bought her home, and immediately gutted the kitchen and put in a new one. A few years later, an addition went on. And my son started planning his major alterations before they even closed on the home.
And the Survey Says…
Millennials are looking for good, safe neighborhoods. In addition, they want good school systems for the kids. And being able to walk to everything isn’t as important as it used to be. Additionally, they don’t demand a short commute. Also, they tend to like real estate. The survey revealed that 84% believe home ownership is a core component of the American Dream. And they believe home ownership has a priority over many other major life events, such as marriage (50%) and having children (44%). Many Millennials feel that handyman specials are a way to achieve their goals.
It seems they want a home because they need more space. In addition, financials concerns are involved. They feel owning is more affordable than renting, and I agree with that. And they believe real estate is a good investment, which I also agree with. However, their biggest issue is coming up with the down payment.
After I wrote all of the above, I re-read it. And I realized something. Millennilas are pretty much the same as me, and I’m a Baby Boomer.