While we may hear that the generation just beginning their families, generally referred to as millennials, are happy renting forever, the Housing Opportunities and Market Experience Survey performed by the National Association of Realtors may be identifying a very different finding.
The new Housing Opportunities and Market Experience (HOME) report was created to monitor consumer sentiment about the housing market. All of the responses are valuable information. However, the survey results referring to sentiment of renters regarding the purchase of a home are especially revealing.
The survey headlines that renters aspire to be home owners. Although the report does not refer specifically to millennials, it does report the following:
- Eighty-three percent of current renters do want to own a home in the future.
- Renters age 34 and younger most frequently say they aspire to be homeowners in the future (94 percent).
The millennial generation is developing into a powerful economic force. The millennials are said to be larger than the aging Baby Boomers. Baby Boomers have set fashion, music and political trends for more than the past 70 years. This new upcoming demographic will have the same impact as the Baby Boomers, and more.
Consider these young first home buyers when renovating your home if resale value is important to you. Choosing renovation projects must be done carefully to maximize the return on the money you spend. So, look at your home through the eyes of these millennials and then put your time and money into adding value important to this very important demographic.
Consider a Basement Renovation
The basement has so much potential. And the possibilities are almost endless. For instance, You have the option to divide the space into a few rooms in a variety of sizes. (Young growing families will need to be able to expand without having to move into another home.)
In a Construction Drive post called “10 construction industry trends to watch in 2016” the 5th trend mention was the following. This is important because millennials can be very environmentally conscious.
Green building will grow in commercial and residential sectors
Commercial construction has typically led the pack in green adoption, but the residential sector is starting to catch up. The growing trend in both sectors is driven not just by a desire to produce environmentally friendly structures, but by consumer demand, higher-quality results and lifecycle cost savings, according to experts at Greenbuild 2015.
Choose High Value Projects
Renovating the kitchen can add resale value to your home. In addition, you can make good use of the limited space in a galley style kitchen by adding lots of storage. Cabinets, deep slide out shelves and drawers, a roomy pantry are just a few of the improvement you could make.
Ask for Assistance
At Veri Construction, we have our own showroom. We are able to show you customized options specific to your situation. We work with clients and subcontractors, while utilizing state of the art 3-D computer generating drawings along with architectural plans for successful project delivery. We can help you get on your way to a newly renovated home.