After near enough a decade, millennials are finally getting on the property ladder and buying homes. Not all, but some. Although many will spend over 50k on rent by the time they’re 30 (compared to the 9k their parents spent) the picture is getting better.
While demand has increased for young professionals to buy, house builders are realising that new homeowners are changing the landscape of traditional building strategies.
Here are some of the myths of young home buyers
“Millennials would rather rent than own”
While many millennials may not be looking to live in the suburbs with a neat garden, the dream for home ownership is still the main goal of many. One of the problems is the housing shortage where not enough homes are meeting the demands of the population. Furthermore, millennials aren’t saving enough for a deposit due to the increased costs of private renting and general living costs.
Millennials have found that by renting you can have a convenient and hassle-free lifestyle that is usually more associated with home buying. Developers that can deliver high-quality homes with low maintenance upkeep that often comes with renting then they’re onto a winner with this demographic.
“Millennials only care about amenities in the home”
Many used to think that millennials only cared about the perks inside the home such as a jacuzzi in the bathroom or an indoor pool. Many are fine with smaller homes but with more amenities in the community such as a gym, park and running trail.
“Millenials have different needs compared to baby boomers”
When it comes to home buying, these two groups have more in common than you may think. Gone are the days where baby boomers solely wanted the large driveway gate and long driveway. We’re seeing more and more families of baby boomers who seek a close community with shared amenities like large parks, community centres, local gyms and running trails.
Please stay up to date on the blog and if you’re looking for your next home project, please get in touch with Earnock and we’ll be more than happy to discuss your requirements.