The largest group of homebuyers we have these days are millennials. As more of them chase the homeownership dream, many are starting to realize that some aspects of owning a house that is both costly and exciting. One of these is home improvement.
One common trend among millennials is that they prefer smaller homes than Baby Boomers have to sell. This led to a tiny house movement. While not all millennial homeowners live in tiny houses, many turn to home improvement as many had to compromise in terms of size and design.
According to HomeAdvisor, most millennials improve their home to increase home value and aesthetics. They may take the lead when it comes to home improvements, but even these research-lovers are making serious mistakes when improving their homes. Some common guilt-triggers of millennials in terms of home improvement are as follows.
They have the wrong reasons for home improvement
When homeowners decide to improve their house, one often considers comfort, convenience, and value. But for some millennial homeowners, 19% would choose DIY projects to impress others. This is one reason why many Gen-Yers are on Pinterest looking for gram-worthy home decor projects they can do themselves.
Many millennials work on projects that they believe will get many likes, shares, and praises on social media. This is why many will post before and after photos of their projects. While some home improvements turn out great, many millennials are left regretting choosing a project over the others. Some projects are hard to achieve, costing hundreds of dollars and hours of hard work. Others are hard to maintain while some are not even convenient concerning their lifestyle.
They prefer DIY instead of hiring contractors
Impressing friends is not the only reason why millennials are into DIY projects. They are also financially-conscious. They would be more than willing to do home improvements themselves than hire professionals in an attempt to save more.
According to a survey, Gen-Yers ranked high when it comes to the generation that shines in DIY home improvements. But that does not mean they beat Baby Boomers in this department. Another survey claims Baby Boomers were more likely to complete a DIY project, beating millennials by 22%.
If you plan on taking a home improvement, think twice before doing it on your own. You may require professional assistance or even expert rubbish removal service to help you clean up afterward. There is no shame in asking for help as you may benefit from the result instead of forcing yourself to DIY.
They are taking out personal loans and using plastic to finance their projects
Some home improvement projects are more expensive than others. Since millennials are into projects that add value to their property, they are more like to spend more than other generations. A study shows Gen-Yers are more likely to use personal loans and credit cards to pay for home improvement projects. This leads to an even bigger debt which can be hard to rectify in the future.
All generations have their fair share of home improvement regrets. And the list only shows some common remorse-triggers of millennials when it comes to home improvement. No matter your age or generation you are a part of, remember that home improvement is no easy task. To lower your chances of regretting your decision, improve your home for the right reasons, consider hiring the pros whenever possible, and weigh in your financing options first.