Jul 28, 2021
New Build Homes Are a Perfect Match for Millennials
For many Millennials, buying a home is a big deal. With many factors seemingly against them, such as student debt, rising costs of living, and the risk aversion that naturally comes from coming of age during a recession, achieving this life milestone is no easy feat. As such, Millennial families need to consider a wide range of options when choosing a new home. While many personal factors go into one’s decision as to why a home type is right for them, here are some that explain why new build homes are so popular among Millennials.
New Homes Have Updated Appliances and Modern Technology
Technology and modern appliances are highly likely to be found in a new home versus an older home. Many new home builders understand that smart fridges and thermostats are features that technology-loving Millennials would choose to put into their homes from the get go, so builders have incorporated them from the start in order to attract that demographic of homebuyers. The convenience of this makes it a strong selling point to younger people when purchasing a new home, as the builder has already thought ahead.
Communities and Socialization Are Built Into New Build Home Areas
While many Millennials see the suburbs as the area where they will settle down, that doesn’t mean they want to sacrifice the creature comforts of community and socialization that a city offers. These community aspects are important to Millennials, who have strong family and friend networks. Spec homes are perfect for them, as they are often built in locations that are well-populated suburb areas of cities which feature surrounding community entertainment attractions and amenities.
The Price Is Right Due to Low Maintenance
Many Millennials still carry large amounts of student loan debt, which has had a large impact on their ability to purchase a home. With a new build home, the costs associated with renovation, inspections, and regular maintenance that an older home would potentially require are gone, making it likely more financially feasible for Millennials. Statistics from homebuilder.com show that remodeling an entire house under 1000 square feet costs $19,000 on average and a 3,000-4,000 square foot home remodel costs anywhere on average from $75,000 upward. That’s $75,000 in that new homeowner’s pocket that they don’t have to worry about. Instead they can enjoy their new home right away.
But Millennials Are Willing To Fix Up the Right Older Home….
Millennials know what they want in a home, and if that is indeed an older one, they are willing to put in the work to fix it up. This may cost more than purchasing a new build home, due to home inspection fees and renovation costs, but for those who know exactly what their dream home will look like and have the energy and interest to build it themselves, it is worth it.
Technology Like REA Scoop Drives the New Home Market
Even the way that Millennials prefer to buy things -- with their phones -- is built into the new home buying market. REA Scoop is the perfect fit for Millennials that are looking for a home, as the app or desktop platform allows them to contact realtors easily and find spec homes and new build homes all in one convenient place.
If you decide that the right home for you and your family is a spec home, REA Scoop is a desktop and mobile app for realtors and homeowners dedicated to new build and spec homes in Arizona. For more information, contact us today or download the app on Google Play or the App Store.