Buying vs. Renovating

Buying vs RenovatingThere are always major ebbs and flows in the real estate market. You never know when you’re going to see an uptick in the price of a home or if it makes sense to sell. You may have even seen our recent post on the blog about how volatile the market can be on any given day. We discussed some of the variables – like time of year, time of year, there was a lot of emphasis on time. But one thing that we didn’t really tackle was the population that’s buying homes these days.

The almighty millennials. They get a bad reputation in some capacities and an amazing reputation in others. They dominate many of the technological evolutions that we see every day and they’re the brains behind many of our social issues that we tackle. And in today’s post we tackle how they’re handling the housing market these days. If you’re newer, welcome to the Australian Heritage Homes blog! It’s our mission to showcase our love for everything related to your dream home. If you’re old hat, you already know that when we find information on the World Wide Web, this is the first place that we want to share it.

So! On to millennials. And why they may not be making the right decisions when it comes to their dream home. It’s always impressive when anyone can buy a home at a young age. The purchasing age of homes is younger and younger, around the world.

There’s a stigma that once you check education or job off of the list, the next step is home and family. So many millennials are jumping on buying homes that may not be quite right for them. They may even already own a home and they’re looking at upgrades or homes in nicer neighbourhoods. Here is where the Australian Heritage Homes team wants to stop you.

According to global real estate groups, “millennials make up the largest generational cohort of homebuyers today, at 36 percent. This group is much different than its predecessors in terms of what they value most in a home. While baby boomers are more apt to find contractors to take on large renovation projects, millennials are looking for updated homes that require little to no renovation.”

The AHH team recommends that think through your options, no matter where you’re at in life. Not only can you save money if you purchase an older home, you can challenge your creativity by taking on home renovation projects that will actually mean more value later on down the line. While the process can be time-consuming and look costly in the beginning, it will be worth it if you put in the time and effort. It’s always worth it to remember that a home is an evergreen investment, and what you put into it, you’ll get out of it.

More to follow on this topic. Questions? Comments? Let the AHH team know. We’d love to hear from you and help build your next dream home.