Baby Boomers and other generations often have lots of things to say when it comes to the behavior and choices of Gen-Yers. The conflict between generations only proves just how years of age gap can divide people. Each generation wants to prove their point to the other. But if there is one we can agree upon, that is the fact that we all have different lessons to learn from each generation.
When it comes to buying houses, Baby Boomers have many things to share with millennials. 63% of millennial homeowners have regrets associated with their home purchase. Some failed to consider the cost of homeownership, bought a house too small for their needs or they chose a house in the wrong location. However, Gen-Yers prove to know many things about than most people (or other generations) give them credit for. The following are three ways on how millennials buy their houses and deal with owning a home.
They leverage refinance opportunities
Money is tight for millennials. This makes them more financially-conscious than the other generations. Buying a house requires a considerable amount of investment. So millennials are looking for alternative ways to navigate a home purchase. Some are making use of a first-time homebuyer program. For others, they are taking advantage of closing refinances.
Since there is a drop in rates in refinance loans, many Gen-Yers are not hesitating to jump at the opportunity. This means one can be protected against rising rates in the future. The improved mortgage process also adds to millennials’ drive to refinance for as long as time permits.
They believe smart investments make their homes safer
Millennials are very much willing to invest in technology if it meant securing their homes better. Sure, there are traditional ways of making the house safe against many threats and emergencies. But female Gen-Yers are more likely to invest in smart technology if it meant making their homes more convenient, safer, and more secure.
Of course, there are traditional ways to secure a house. Millennials already invested in reliable safety locks, smoke alarms, fire extinguishers, and fire signs to guide them in case of a fire emergency. But that does not mean they are not willing to take advantage of some of the many smart home technologies if given the chance.
They research before deciding to buy or renovate
Other generations say millennials can’t live a day without using the internet. In this case, Gen-Yers are making the right choice for doing online research before making home-buying and home improvement decisions. They research so they can work with the best lender for their situation, acquire the best rates, and even buy houses they can afford.
They make use of their time online to search for ways to improve their homes. They choose to DIY after getting inspired by online tutorials and is the generation who take more DIY projects than other generations. Millennials are also more disciplined in terms of budgeting and completing their Do-It-Yourself projects. They do this to save money and because they find fulfillment in being able to do things themselves.
No generation is indeed perfect. Gen-Yers may have certain regrets after buying their first homes and on how they take homeownership. But they prove that they have their own strengths and that there are valuable things we can learn from them when making a home purchase and in making decisions concerning their homes.