When it comes to homeownership, millennials fall short when compared to other generations. According to a recent survey, 80% of millennials delay home-buying since they lack the funds to do so. But while millions of Gen-Yers are renting, many were still able to secure homeownership and are now dominating home improvement projects.
Why Millennial Homeowners Love Home Improvements
Millennials have a good reason for improving their homes. For one, most of them plan on staying in their first house for many years to come. Unlike the older generations, many have a starter home and will move to another house as their needs and plans change. But for Generation Y, committing to their first house becomes a must because of financial reasons.
Another reason why millennials are into home improvement is since they made many compromises when buying a house. According to Porch, 15% of millennials bought a house too small. Since they had to compromise in size, they invest in home improvements that can help improve their living conditions.
Generation Y homeowners are also determined to recover from the expenses they made when buying their houses. Many are facing a hard financial situation due to their student debts and other expenses. Since a home purchase is no joke, they want to make sure they get to increase their home value. This is an attempt to have a good return on investment on their recent significant purchase.
Home Improvement Mistakes Millennials Are Guilty of Committing
Millennials may be a resourceful generation thanks to the availability of web research. But they still make home improvement mistakes that ruin their plans and finances. If you have plans to do improvements in your home, then make sure not to make the following errors.
Gen-Yers love bathroom remodeling as they associate this room as an extension of their self-care routine. But before you dive into a bathroom improvement, make sure you got realistic ideas first. For instance, you plan on installing your dream bathtub so can enjoy a nice bubble bath at the end of an eventful day. Before you do, make sure your water heater is enough to accommodate your new tub. You may need the pros to install the right sized tankless water heater to make your dream tub experience a reality.
Another home improvement mistake to avoid at all costs is the failure to review your home insurance before starting any project. Many homeowners don’t know that certain projects can influence your insurance. It can either increase or decrease your home value as well as your home insurance. If you don’t want to end up with a major financial setback, be sure to review your insurance policy and update it accordingly.
Lastly, focusing on home improvements instead of maintenance tops the list. Some homeowners would spend money on improving their homes without looking at the bigger picture. If you bought an old home, expect that you will need to do a maintenance check. Also, homeowners need to make sure they have a home maintenance fund as you will surely need to have enough money tucked in just in case of unexpected maintenance costs.
You can do whatever improvement you want in your home. It is your house after all. But there is no harm in educating yourself of the things that others did wrong so you don’t have to suffer the same consequences. Make sure to review your insurance policy, have realistic expectations, and save up enough cash for future maintenance costs.