Home-Buying Lessons That Millennials Teach
Millennials are changing the home-buying process, setting new challenges and goals for both real estate developers and advisors. Home buyers under 35 years of age are taking every step towards their new property in a planned way.
According to an infographic by Goldman Sachs, for nearly 40 per cent of millennials buying a home is an extremely important part of their life for which they are even ready to put off other important purchases they should be making at this age. This includes a car, too.
While teaching many of us to be high on life, millennials also teach some serious home-buying lessons, too. Here are some:
Age no bar
The first mark the millennials have made is that age is not something that should limit you from buying a home. So what if you are under 35 years of age, there is no barrier if you want to buy a home for yourself already. Just that you are financially stable to make that move. According to 2017 Home Buyers and Sellers Generational Trend Report by National Associations of Realtors, in the US for the last four years of reports it has been observed that buyers 36 years and younger (Millennials/Gen Y) constitute the largest populace of home buyers at 34 per cent. Hence, if you are all set with your finances, you are good to go and have a home of your own.
You can buy a home online
No more depending on brokers that are taking their father's business ahead without any knowledge of the market. It is time to go online and consult a property advisor. It is the age when selecting a home of your choice based on the parameters you have set is what millennials are teaching us. Online advisories including Housing.com, Makaan.com and PropTiger.com are some of the leading digital advisories that let you search property online with multiple filters bringing a handful of homes that are perfect for you. Not just looking up, these advisories can also help you sail through the complete process including property visits, loans, legal advisory, paper work among others. All these processes are taken up by well-trained professionals. These sites make a homebuyer feel important and make home buying a delight.
Prioritise your needs
Now is not the time when a large share of millennials who want to spend their money on vacations, cars and other luxuries, rather they prefer buying a property over all this. Some living with families may not want to invest in luxuries, but others prioritise property over other things. According to the NAR report, almost 50 per cent of the millennials invest in a home because they "Desire to own a home of their own". Hence, the desire to have a home of their own is strong among millennials, driving them to work towards it.
Renting is not a social stigma
The Goldman Sachs infographic also shows that there a surge in the number of renters, too. The numbers rose from 52 per cent in 2005 to 60 per cent in 2013. This is because the millennials are planned about when and how they will buy their first home. Moreover, they do not see renting as a social stigma. For them, renting is a sensible move until they are financially prepared to take the big leap. But, the same infographic also shows that nearly 93 per cent of renters in the age group of 18-34 years would want to own a home someday. This means they are working towards the goal.
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