While many Millennials did remain living at home or in apartments longer than other generations, it’s not true that they don’t buy houses. In fact, today, Millennials make up the largest number of first-time homebuyers. However, Millennials do have unique tastes, and many are very cautious about how much debt they take on. This means real estate experts have to approach selling to Millennials differently than they do other generations.
Even those who don’t fall into the Millennial age range are looking for different trends and options than their demographic once did. First-time buyers want homes that meet their needs, no matter what age they are. Today’s first-time homeowners want something different than traditional buyers. Let’s take a look at four different types of home Millennials and other first-time homebuyers are looking for.
Being environmentally-friendly has become a major trend in many industries, including real estate. Homebuyers want a house that is energy-efficient and designed to make the most out of new technology that reduces their reliance on fossil fuels. Today’s first-time homebuyer wants to know that they are doing everything possible to shrink their carbon footprint.
Green homes conserve water, gas, and electricity. The home may use insulation that has a high R-value than traditional insulation or have double-pane windows. The heating and air system may be rated as highly efficient, and the house may even make use of solar panels to decrease reliance on the electrical grid. Low-flow toilets, renewable flooring, and other materials may also be used to help make the house greener.
First-time homebuyers are not looking at huge houses. In fact, many want to buy tiny homes. These little homes don’t require much maintenance at all. Many are under 1,000 square feet. Some buyers are even taking it to extremes, looking for homes that are 500 square feet or less. Some tiny homes are only a few hundred square feet in size!
Tiny homes are often custom built houses that the buyer designs with the help of a tiny home expert. Some of these little houses are even constructed on a trailer, so they’re mobile. Of course, some first-time buyers do want a more traditional home that is big enough for all of their needs, but many just don’t need as much space as homeowners once did.
Family Friendly Homes
One of the driving forces behind Millennials looking to buy a home is because they’re expanding their families. Many are moving in with their significant other, getting married, or are preparing to have a child. First-time homebuyers may no longer find their current living space fits their needs and are now in the market for a home that is more family friendly.
A family-friendly house is defined by more than just the home itself. It’s location in a good school zone and in a neighborhood with little to no crime. Many want to live in the suburbs rather than in a large city. First-time buyers who have children or are expecting also want houses with large yards and with privacy.
Finally, some first-time buyers aren’t just looking for a home for themselves—many also want to purchase investment properties. They are looking for ways to generate some additional income, and rental homes are a perfect opportunity. Some even look to buy older homes in need of some repairs, upgrade them, and then rent them out or even sell them for a profit.
Again, these homes need to be in good neighborhoods and desirable locations. Buyers are looking for properties that will be easy remodeled or will be attractive to potential tenants. Buyers aren’t going to want to pay too much for these properties, either, since they’re looking to generate income.
The Belman Homes Evolution Series Meets the Needs of Today’s Homebuyer
Today’s housing market has changed due to shifts in the economy, social priorities, and generational trends. Many home building companies have shifted their designs and priorities to meet the needs of today’s first-time homebuyers. Belman Homes, for example, has created the Evolution series of homes in order to help today’s buyers create a house that fits all of their needs.
The Evolution series includes a number of different designs. All are created to be energy efficient, even those that are part of the select series of plans. These plans are designed for those on a budget, but they are still very green and can be modified as needed. The Belman Premier homes, on the other hand, are all about the extras and can be upgraded with a number of different premium décor and materials.
The Evolution series includes six different models:
If you’re interested in learning more about these homes, contact Belman Homes today.