Millennial first-time homeowners are showing more willingness than previous generations to complete do-it-yourself projects throughout the house or wait until they are able to afford to make the improvements they desire, a new survey by Better Homes & Gardens magazine finds. Which means that looking at fixer-uppers could be in the near future for the millennial home buyers. 50% of those surveyed said that their current home required some degree of repair or remodeling at the time they moved in.
Millennial’s a good deal more prepared to purchase fixer-uppers
Only 50% of first-time millennial homeowners say they are prepared to spend a premium price to get exactly the features and quality they gotta have at home, the survey showed.
“These first-time millennial homeowners are focused on building equity, not debt,” says Jill Waage, editorial director of Digital Content and Products at Better Homes & Gardens. “They are strong believers in being able to afford their dreams as they achieve them and not over-stretch themselves.”
85% of first-time millennial homeowners say they view home-ownership as being a sound investment.
Their housing wish-list is for a mid-sized home (about 2,000 square feet) having a renovated kitchen and bathroom, together with a patio or deck space.
The DIY projects that landed the highest with their to-do lists are installing light fixtures and tile, and painting walls, the survey found.
“Millennial’s and millennial ‘firsts’ [first-time homeowners] are paving their own paths in home-ownership based on their own budgets, timeline and needs,” Waage says. “These ‘firsts’ are replacing big-budget homes and expensive renovations with patience, frugalness and practicality.”
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