Nowadays, millennials are dominating the market. They are now the most significant consumer group out there and are often the target customers of businesses of all sorts. According to research, Generation Y is estimated to spend $1.4 trillion this year. They will outnumber other generations when it comes to buying houses. They also take the lead when it comes to improving their homes.
Why millennials spend so much on home improvement
One reason is that some of them bought small houses. Some opted for tiny houses, while others bought smaller homes. With the shelter in place recommendations, millennials found that their small homes could use a bit of improvement to make their lives more comfortable. Many millennials are also buying fixer-upper homes. This leaves millennial homeowners no choice but to start improving their homes as soon as possible.
Gen-Yers have three other agendas behind the home improvement projects. For one, they aim to improve the value of their property. They focus on projects that can get a considerable amount of ROI. Millennials also want to boost their home’s aesthetics.
Another reason is the fact that Gen-Yers believe they have a social responsibility to fulfill. They advocate a sustainable lifestyle and want to make sure their homes are as sustainable as possible. This is why some chose tiny houses while others chose to renovate their homes sustainably.
Important lessons millennial homeowners should learn before improving their homes
If you are millennial planning to make future home improvements, it is always a good idea to do a little research before you dive into your project. Experienced homeowners have a lot of lessons to share with millennials that are very new to home improvements. Keeping an open mind and a willingness to learn from the pros can help one avoid mistakes that can ruin their plans and budget.
You Can Never Go Wrong With Extensive Planning
No matter your project, be it home maintenance, repair, or upgrade, ample planning is a must. It does not even matter if you only plan to tackle a small project or a full-on renovation. The last thing you want is to spend more than necessary and waste valuable time. Think about every possible detail and not just the project you need to tackle and want to accomplish. Make sure to plan your desired projects, create a realistic budget, and consider all contingencies.
For best results, prioritize repairs and maintenance. If you have a spouse, make sure to keep them involved in the planning and budgeting. You don’t want your home improvement project to be the cause of your argument, or worse, your divorce. A survey conducted by Houzz found that remodeling caused 12% of couples to consider divorce.
You can avoid this by listening to each other’s thoughts and find ways to compromise. For example, if you are having a hard time planning on what to do with your yard, you can always hire a pro to help settle things out. You can hire a local company like Aztec landscaping to help you design your lawn, improve your landscape, or even maintain your future landscape.
Watch Out for Homeowners Association’s Rules
Not all neighborhoods have a committee overseeing regulations. But if your house is under the jurisdiction of a Homeowners Association (HOA), you will have to review their rules before you make any improvements. Some HOA rules are stricter than others. Some will want their homeowners to inform the officers before making any repairs, especially if you plan on painting the outside of your home. This is since you will surely create noise and wastes for the duration of the project.
HOAs often impose restrictive rules. If you fail to abide by their rules, you can end up getting fined. This means you will need to pay fees as compensation on top of your HOA dues.
Accept Your Limitations
Millennials are known for their obsession with DIY. They tend to DIY projects, big or small, from painting kitchen cabinets to full-blown home renovations. But according to a survey, 42% of millennials don’t have the necessary knowledge to do home maintenance on their own.
Before you take on any project, assess your skills and confidence, especially when it comes to significant improvements. Don’t attempt to DIY if you are unsure how to do it, and how long it will take. For instance, if you are even afraid to change a light bulb, stop yourself from trying to fix electrical issues. If you have no experience repairing a leaky faucet, then let a local plumber do plumbing fixes for you. Sometimes, it would be best to hire competent contractors so that you can avoid costly renovation mistakes.
Whether you are a millennial homeowner or not, you will want your home improvement project to be a successful one. Luckily, we can learn from the mistakes of other homeowners, so we don’t have to suffer them. Whatever project you wish to partake, you can consider these home improvement lessons to save you from future hassles and costly headaches.