Millennials are known to be carefree, free-spirited, and they enjoy living life to the fullest – the YOLO [You only live once] culture. When it comes to their lifestyle, they prefer to rent rather than buy. Millennials are often thought to be the generation that shied away from homeownership. But this reality is changing, interestingly amidst this pandemic, when millennials are actually hitting the property market. Millennials pushing through with their purchase decision are now proud homeowners despite the extraordinary situation.
Here’s a list of the factors that have contributed to their change of heart:
New financial priorities
The absence of retail shops and outlets for leisure because of travel restrictions and community quarantine measures, caused millennials to redirect their finances to long-term investments, such as housing. Because they are staying at home for long periods, they started to realize the importance of an ideal space they need and want.
The work-from-home-set-up pushed millennials to consider moving to a decent place that they can call their own. As staying home becomes the new normal, the Gen Y’s choose to have a place that can accommodate their lifestyle demands while making for a living at the comfort of their home.
Better real estate deals
Due to the pandemic and the economic recession the whole world is facing, property developers are offering good promos which made it easier for people to realize homeownership. Some of them have reduced prices by 15 to 20 percent, others have provided stretched terms on down payment while allowing buyers to move in before completing the installment. Banks and lenders likewise lowered their interest rates and offered flexible monthly mortgage payments to encourage borrowing and help bolster the buying power of the millennial market.
Millennials are ready, willing shoppers but they are discerning about what would likely be their first real estate investment which is why they’re not buying the first thing they see on the market. They are also keen on the details or features of the property they’re looking for. Because most of the time they are online, they grab the opportunity to research listings, read helpful reviews, and look for recommendations from people they trust.
Here are some of the property features that look enticing to the millennials:
- Efficient Technology
Convenient, peaceful community
Location plays a big role when choosing a home. An integrated community or a place near essential establishments such as banks, supermarkets, or hospitals, is very appealing to millennials. A convenient location that is less stressful, lets them focus better on the most important daily tasks, and takes away the hassle of personal obligations is a must for them.
Health and safety
This is one of the biggest considerations for millennial homebuyers because they’re at the age when they’re starting to grow their own family, and/or caring for elderly parents. A home that features a lot of open space, located in a less populated community is very essential nowadays to let growing children and older folks experience leisure without worrying about the health and safety protocols implemented by the government.
Deviating from being the “renting generation,” millennials are actually buying properties amidst the pandemic. They’re taking the plunge into homeownership and they are being wiser with their decision when it comes to investments.