Today’s modern homeowners usually consist of millennials, or Generation Y. They started dominating the real estate market in 2017. Nowadays, they have the most number of mortgages in both numbers and total dollar amounts.
Millennials are not only buying more houses than any other generation. They are also changing the real estate market in many ways. They are changing the way other consumers are navigating the home buying process and are actually teaching buyers the easy way to streamline a home purchase.
Another remarkable thing about today’s modern homebuyers is how they are revolutionizing home improvement. Millennials are not simply doing home improvement projects just for the sake of improving the value and aesthetics of their home. These days, homeowners care more about their family’s health and convenience.
Why Modern Homeowners Prioritize Home Health and Convenience
The pandemic forced us to shelter in place. This made millennials review their priorities. Many of them started seeing their home in a new light and made a lot of realizations.
For one, many learned that their current living space is too small for their new pandemic lifestyle. Since many millennials are not into the huge houses of Baby Boomers, they opted for smaller and more modern homes. Some of them even went on embracing tiny homes.
But when their priorities changed, so did their housing needs. Some millennials quickly found out that raising a family meant needing more living space for their growing kids. The same goes when the pandemic hit and more outdoor activities are now done indoors.
Many households also went on welcoming their extended families. Since more members are living with them, they now need a bigger living space to accommodate every member’s spatial needs. Some had to move to a bigger home while others went on improving their home in exchange for a larger living space.
They also try to turn their homes into healthier living spaces. With the pandemic still ongoing, they know that health and safety should start at home. They are prioritizing projects that will boost their health at home.
Kinds of Home Improvements Millennials Are Investing in
For multigenerational homes, homeowners were left with the decision to find ways to expand their living space. Some had to turn some rooms into multi-functional spaces. What used to be a spare guestroom became a home office/bedroom/gym/study area.
Other homeowners went on building a home extension. For smaller projects, they turned to DIY. But for more complex extensions, they knew that hiring a residential or commercial builder makes better sense.
Most millennials are serious about work-life balance. This is why more of them are embracing remote work. They want to be able to spend more time with their family. So, they went on looking for companies that are hiring people to fill remote jobs.
This led them to build their own home office. They are creating their own space for work to get that sense of boundary between their home life and work. This makes them more productive and less stressed when trying to accomplish their task at work.
Modern homeowners are also investing in projects that enable them to live a more sustainable life. They are into energy-efficient upgrades, sustainable materials, and eco-friendly projects. They want to reduce their residential environmental impact so they can practice their social responsibility at home.
Since health is a major priority these days, homeowners are investing in home gyms, improved kitchens, and better outdoor living space. They are now into gardening and landscaping. They are also investing in home repairs and maintenance knowing that a well-maintained house is a safe and healthy home.
To Move or Improve
Modern homeowners find it challenging to choose between moving homes or improving their houses instead. Not all homeowners can afford a home improvement. What they do is try to sell their home, so they can find one that will better suit their needs.
Others who have more funds to spare but are unwilling to change their home’s location would rather invest in home improvements. They are leveraging different financing options to fund projects they are passionate about. Aside from using their savings and credit card, they are considering tapping their home equity to finance home improvement projects.
Modern homeowners continue to challenge the way older generations are tackling home improvements. They don’t only have other plans and priorities when improving their homes. They are also spending more on renovations compared to other generations. Homeowners are not just focused on improving the value of their house and the looks of their home. They are also investing in projects that will boost home health, family safety, and convenience.