4 Reasons The Fixer-Upper Is The Millennial Home Of Choice
Millennials are a huge part of the housing market. The generation is full of individuals who are getting their first jobs, starting families, and finally getting to the point where permanent housing is an option. As millennials make their journey in home ownership, many have found that fixer-uppers are the perfect way to get into a great new house. Below are four of the reasons that millennials are starting to prefer buying houses that need a little bit of extra love.
While the economy may have recovered, things still aren’t easy for Millennials. They tend to make less than their parents did at their age and housing prices are once more on the wise. For many, the only chance to own a home comes when a home needs a little bit of work. While most do their best to look for homes that are in move-in shape, most have come around to the idea that they’ll have to do some hard work to get a house that is within their budgets. As long as housing prices rise, Millennials will keep looking for ways to reduce their costs.
There are Programs
It’s easier to get a loan for a home that needs work than ever. FHA 203(k) loans allow home buyers to borrow the amount of money necessary to fix up a house, allowing those without perfect credit to buy great homes. Now that millennials don’t have to worry about having the tremendous amount of money that might be needed for a rehab on hand, they can concentrate on finding homes that they love while knowing that they’ll be able to take out a loan to fix the place up.
They are DIY
Millennials have a strong affinity for do it yourself projects. While the media might like to portray them as people who don’t have the motivation, many in this age group have really taken to fixing things for themselves. Thanks to the prevalence of online courses like Rules of Renovation about home repair and renovation, doing the job without professional help is either than ever. While there are certainly still many millennials who hire contractors to take care of the big jobs, there are also many who are happy to do the work of rehab on their own.
While this is perhaps not the most common reason that millennials buy fixer-uppers, it must be said that there’s something trendy about buying and restoring a home these days. For some, it’s about being able to say they have a connection to the past – using original materials and restoring the home to its former glory. For others, it’s more about conforming to all of the shows they watch on channels like TLC and HGTV. In any case, there’s definitely a good chance that any millennial buying a home in need of repairs is doing so because it’s a major cultural trend. It’s not hard to imagine a time when buying a home that needs to be fixed up will not only be an option but that it might also be preferable for many buyers.
A fixer-upper is a perfect millennial dream house. It costs less, is affordable even with traditional loans, and gives millennials a chance to really make their mark on the property. These houses are becoming more trendy among young buyers and there will soon be a great deal of social prestige tied to being able to customize your own home. If you are willing to take the classes, find the right professional help and sweat a bit, you too might find that a fixer-upper is your best housing choice.