Millennial's Guide On What To Expect When Buying Your First Home
A special thank you to all those who participated in our survey.
According to Goldman Sachs, Millennials have entered their peak home-buying years, which is 25 to 45, but are reluctant to make this purchase because of numerous variables.
To begin, this isn’t another piece talking about who or what Millennials are or why they can’t stop looking at their phones while walking down the street. Look up, people! We’re here to talk about something that Millennials aren’t known for; homeownership. Buying a house is a goal that many millennials might think is an impossible task to accomplish because of student loans, car loans, rent, and other factors in their way. We asked a few millennials who had recently purchased their first home to share some advice to anyone who’s planning on buying their first home. We also asked them to give us an idea of what, if anything, they updated.
We started simple and asked for a piece of advice that they would give to anyone who’s planning on buying a home.:
“Have patience. It took a very long time to find a home. Also, sometimes all you need is a good base to then later make the improvements you want on your own.”
“Get into the habit of setting aside a percentage of your earnings and try to limit splurging on frivolous items, if you’re considering buying a home. Research the area of interest and see if they offer first time buyer grants or loans. They can be taken out by potential long-term residents to renovate and increase the value of their homes. Inquire with the city and see if this option is available.”
Then we got into the real questions. Was the house move-in ready when you purchased it? If not, what did you need to replace?
We first asked about the condition of the house they had currently purchased. The results showed that it was a near split between our millennials. We choose a few responses that ranged from minor work to practically gutting the house.
“No necessary work has to be put into it. I just choose to paint the inside before moving in.“
“New electrical, plumbing, lighting, floors, drywall, paint, crown molding, kitchen cabinets, countertops, doors, windows, closets, framework, light switches, modern blinds, bathrooms (new toilets, vanities, glass stand up shower, accessories), demolished and opened up [the] living room and kitchen area. Outside landscaping to clear old trees, roots, old shed, and leaves.”
It was clear that the kitchen was the favorite room in the house so we asked what needed to be updated first.
“I would like to replace the sink. It is a stainless steel type sink, but I prefer the corian type ones. I like how those look better.”
“Kitchen cabinets and countertops”
What about the rest of the house?
“In all the bathrooms, I would like to replace the light and sink fixtures to nicer ones. I would also like to replace the shower I have upstairs by removing the tub and making it into a walk in shower.”
“Framework and plumbing”
When it came down to the bedroom, one section of the room was singled out more than others. It was the bedroom closet.
“I would like to customize my walk in closets to meet our wardrobe needs.”
"Buying a home is a daunting task for anyone, but the moment you turn the key and open the door to your own place, you’re starting a journey. Here is where you refine your skills to become a DIY crafts person."