More and more millennials are making the decision to go from renter to owner in today’s market. From having a sense of privacy, to investing in their future, here are the top 5 reasons millennials choose to buy a home.
The Top 5 Reasons Millennials Choose to Buy a Home
To have control over the space
Millennials who currently rent, often want the freedom to design their future home as they choose. This means being able to paint the interior or exterior features of the house, the ability to remodel a section of the home, or to add on additional living spaces to the home. Additionally, millennials are bringing pets into their families more than ever, and owning a house allows millennials to make the choice to own a pet. Simply, owning a home gives millennials the freedom to make these choices that will affect the long-term happiness in the home.
Sense of privacy
When you own a house, gone are the days when you have to march up to your upstairs neighbor to keep it down so you can sleep. Or conversely, the nervous feeling of having people over to your apartment and have to be aware of the noise. When you own a home, you’re able to have the sense of privacy and security in your own space. Additionally, when you own your home, you have the freedom to install a security system so you can keep an eye on your home and your belongings. Because of this, privacy and security are some of the biggest reasons millennials choose to buy a home.
To live in a nicer home
Chances are, there have been many people who have cycled through the apartment in which you currently reside. With a home, you’re likely moving into a home with only one, two, or three owners before you. Additionally, when moving into a home, you’re more conscious of keeping it clean and tidy as well as fixing any maintenance issues in a timely matter. With an apartment, it’s easy to put the maintenance items on the back burner since you’re moving out in just a couple months.
To become community oriented
One of the most popular reasons millennials choose to buy a home is to engage with their community. The stakes are raised when a buyers’ home value is directly tied to the neighborhood and community in which they live. Being a home owner in a neighborhood gives buyers a good reason to be part of the local PTA, on select committees and to attend neighborhood functions.
To plan for the future
Many times millennials buy homes so they can plan for the future. They may not have kids at the moment, but they want to make sure they buy in a neighborhood that has a good school district. Additionally, millennials are cognizant of building relationships with their neighbors so they can plant their roots in that neighborhood. The average millennials stays in their first home upwards of 10 years, so getting a head start on the relationships is one of the main reasons millennials choose to buy a home.
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