Seniors and Millennials Share Real Estate Priorities
Despite the significant age difference, a recent survey from the National Association of Realtors shows that Millennials are breaking with past home-buying trends and aligning their preferences with their grandparents’ generation. This development could alter your house-hunting approach, no matter the year you were born.
If you’ve been shopping for a home, but have yet to find the right one, consider these household features that are equally desirable to two very different generations:
Proximity to Loved Ones
Buying a home early in life brings similar challenges and concerns as buying later in life. Millennial families with young children and Silent generation buyers both find that purchasing a home is an easier commitment with the reassurance of having family nearby. The coronavirus pandemic and its corresponding shelter-in-place restrictions could increase these desires.
The pandemic might similarly lead to more families sheltering together, instead of simply living close by. Before coronavirus, younger buyers were already growing fond of multigenerational homes where they could include their Baby Boomer parents in their living arrangements. One reason for this is that more homes are being designed to accommodate the needs of varying generations in one home—that’s especially the case if you choose to build the ideal multigenerational home.
Advice from Loved Ones
Millennials and Silent Generation shoppers turn to friends and relatives to learn about the neighborhoods they might be moving into more often than Baby Boomers. Real estate agents can tell you about exciting amenities that a property has to offer. Still, you might seek the input of someone without skin in the game for honest opinions of the neighborhood. A friend might help seal the deal for you or leave you feeling grateful for dodging a bad deal.
House and Neighborhood Amenities
Both Millennials and Silent Generation buyers prefer the amenities that newly constructed homes provide. Financial and time limitations could be the cause of this— both generations are looking for ways to spend more time with family on tighter budgets and less repairing/upgrading homes. Neighborhood amenities are also important: consider how close in proximity that home is to grocery stores, entertainment, freeways, and even hospitals before signing the dotted line.
Buying is a Big Commitment
No matter how old you are, buying a home is a big deal. Spend time thinking about your ideal living situation, whether that means being close to family or perhaps even cohabitating under the same roof. Be sure to review your budget thoroughly to understand current and future financial responsibilities. Lastly, talk to friends and family to learn and grow from their home-buying experiences.
Once you’ve decided you’re ready to buy, we at OpenMortgage are here to discuss all of your mortgage options. Visit OpenMortgage.com to learn more and to start talking to a home finance professional today.