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Millennials are moving away from renting, and into home ownership
The generation known as “millennials” (those born between 1981 and 1996) have typically been associated with renting apartments, rather than home ownership. In 2018, millennial home ownership was at a record low. But now in 2021, millennials make up the largest share of home buyers in the USA, according to a 2020 survey from the National Association of Realtors. Here at Kensington Custom Builders, we have been working with many customers who are making the transition from renting into not only home ownership, but a beautiful one-of-a-kind custom built home. Following is some information that will help guide those of you that are also ready to make that journey.
What Are Millennials Looking For In A New Home
In our experience working with millennial home buyers, they are looking for simple yet high tech options in their custom built homes. They want a floor plan that is open and functional without any wasted space that will not be utilized daily. They are looking for wi-fi everywhere, security and monitoring cameras and systems with smart features such as Google Nest thermostats and smoke/carbon monoxide detectors. Millennials want easy. They want a home that is forever and the feeling that their home is unique and tailored specifically to their needs.
Advantages to buying a home versus renting
While renting a home or apartment does have some appeal such as no commitment and little to no maintenance, there are many drawbacks as well. The money you are spending on renting is not working for you long-term in the same way as owning a home. When you rent, you are making someone else’s mortgage payment rather than building up equity in your own property. Additionally, you own the home you are buying, you cannot be evicted or asked to leave when the rental contract is concluded, or the landlord has decided to sell. You have the security and peace of mind that you have control of your situation, and that the money you are spending is building toward your future.
Building A New Home versus Buying An Existing Home
When pursuing home ownership, you may consider the purchase of an existing home and this can offer many advantages. However, as the country and world continue to deal with the effects of the COVID-19 pandemic, the housing market has boomed in 2021 and the reality is that not only have home prices gone way up, but availability is also down as well; it is definitely a seller’s market! The pandemic has created a new paradigm of remote working which is also fueling millennials drive to have their own home. They want their own space to work and space to entertain friends and family. We have noticed homes are getting larger, and there is a big demand for outdoor living areas with fresh air to entertain and spend time with their loved ones.
Building a new, custom designed home offers many advantages. You can work with a custom builder like Kensington Custom Builders to design the home to fit your lifestyle and have the peace of mind that your new home is backed by a warranty from the builder. Additionally, there is a sense of pride and satisfaction knowing that you are the first family to live and sleep in the home and that you are getting exactly what you wanted in a home. If you buy an existing home you may have to do considerable remodeling to make it how you want which can include planning for additions to make it larger, redo flooring and paint colors, remodeling kitchens and bathrooms, finishing basements, etc., all of which cost time and money. This is especially true for our millennial customers as they want simple and easy with no hidden or extra costs. They do not have the time or energy to deal with issues popping up. They want to entertain and live their best lives and not worry about maintenance on an existing, older home.
What are the first steps to take when planning a custom built home?
If you are considering a custom built home one of the first steps you should take is to speak with a construction loan lender about what you can afford, and to possibly get pre-qualified for a loan so you know your budget. Construction loan lenders are often different types of lenders than a normal mortgage company. Construction loans are more specialized and have different variables so you want to make sure you are dealing with a lender that has experience in this area. The next step would be to consider the geographical area that you want to live in and determine if there is land available upon which to build your custom home. Available land for building is scarce right now so the search may take some time but be persistent and you will locate your ideal property. Once you find the land you love, contact Kensington Custom Builders and we will walk the land with you and look over all of your documentation to give you a very good idea if the land is buildable and suitable for the type of home you are considering. We will look at the spacing requirements for the home, soil tests for septic compatibility, and much more!
Why Kensington Custom Builders is the ideal choice for millennials ready for home ownership
Kensington Custom Builders has one of the youngest home builders in the State of Ohio in Steve Porter, who is an owner and also manager of the company. Steve understands the needs of millennials and brings years of experience in custom home building to the relationship. Steve’s partner is Mike Primovero who has been building custom homes in Ohio for over 25 years. When you work with Kensington Custom Builders you are getting the best of both worlds with Mike and Steve, a partnership with vast amounts of experience yet relatable to the needs of millennials and all customers. The partners are committed to understanding their customers, listening to their customer’s needs, and ensuring that customers receive the very best experience and a custom built home product of heirloom quality that will last a lifetime.
Kensington Custom Builders is featured in a recent blog post onRedfin.com. Click this link”12 Common Misconceptions About Building a New Home – Redfin” to view the 12 Common Misconceptions About Building a New Home or continue to reading below.
1. Assuming your designer knows exactly what you want
The level of communication between the homeowner and designer can impact the final results of the project. Therefore make sure that you communicate well and ask questions anytime that you have concerns. Also, be ready to reply to the designer’s queries. – Gosia Thurfjell, 9th Floor Design
2. You won’t need a home inspector
When building a new construction home, it’s a wise idea to hire a home inspector to conduct several inspections throughout the various phases of construction. Buyers always hire home inspectors for resales, but when it comes to a new home, buyers feel that since it’s new, no inspections are needed. I’ve seen homes in which the plumbing for a sink in an island wasn’t accounted for in the foundation, braces in the trusses of the attic were missing, recessed lighting was off-center, etc, and hiring a home inspector to monitor the construction is a smart investment. – Lauren Stark, Elite Reality
3. Custom equals expensive
Custom can mean a well-thought-out space that makes sense for any particular family to live in. We build custom $350k projects, and custom $2M projects. – Journey’s End Homes
4. Building is extremely difficult and time-consuming
Building a new construction home is not as hard or time-consuming as you think. have fun and be practical, but don’t be afraid to ask questions. Pinterest is great but doesn’t always meet building code and might not always be the most reliable. – Kensington Custom Builders
5. Construction will progress flawlessly and without hiccups
The most damaging misconceptions new home buyers often have is that construction will progress flawlessly and without headache during the build and that they will move into a picture-perfect home upon completion. In the real world of new home construction, there are usually delays and unforeseen issues during active construction, and then service items or minor touch-ups and repairs that need to be addressed after the home is completed. Keeping a positive attitude and rolling with the punches is key to a fun and satisfying experience when building a new home. – Joel Comino, Next Modular
6. Using price per square foot to compare custom builders
Sometimes the lowest price doesn’t include the things you would expect like garbage disposals and garage door openers. Once the items you would expect are added in the price per square foot balloons. Having a detailed specifications sheet from your custom builder is key to ensuring you have the items you want to be included in your home without lots of expensive change orders throughout the building process. – Old World Custom Homes
7. A new construction home is overwhelmingly complicated
With the right team, design, communication, and building can be a nearly seamless process. – Heartwood Builders
8. Thinking you won’t need representation
New homebuyers think that they don’t need representation because the agent in the sales office will handle everything. The agent in the sales office represents the builder and will work in the seller‘s best interest. If they have their own representation, their agent can advise them on issues that they don’t even realize are there. Their agent can also negotiate on their behalf when most buyers don’t even realize they can negotiate with a new home builder on the sales price, options, incentives, and terms. – Tony Sena, Shelter Realty
9. Underestimating the skill required to design and build modern homes
Many clients today seek our architectural expertise to design modern homes with a minimal, yet sophisticated material palette. Often these clients underestimate the skill required to design and build these types of designs, not realizing that achieving crisp lines and clean joints requires essentially zero tolerance between dissimilar materials. The truth is that executing modern design requires a tremendous amount of thinking and coordination between the architect and contractor to deliver this level of exquisite, modern residential detail. Modern design undoubtedly affirms the saying “less is more.” – Brian Grieb, GriD Architects
10. Building a new construction home is a one-person show
A good project is the result of a good team, from the design team (architects and engineers) to the construction team (GC and each sub) and finally the owner/client who needs to make sessions in a timely manner and avoid changes. – Tagliaferri Architects, Inc
11. You’ll save money not using a real estate agent
One of the most common misconceptions homebuyers have when buying a new construction home is that they think they will save money on the home by not using a Real Estate Agent. It’s quite the opposite, in fact. The commission percentage is a predetermined amount worked out by the builder and the sales representatives so the number does not change one way or the other. You’re more likely to work out a better deal with a Real Estate agent working on your behalf because they know how the process works and what to ask for. You’ll also have added protection throughout the entire home building and buying process with the resources a Real Estate Agent can provide. – Ryan Fitzgerald – Uphomes
12. That a custom build will be less expensive and happen quickly
When it comes to building a custom home, there have been a lot of changes in the Puget Sound with coverage and zoning and there is less and less land to build on that is close to areas homebuyers want to be. There’s also the fact that raw materials and labor have seen double-digit increases over the last few years which helps add to the rising costs of homebuilding. But a custom-home has a lot of rewards.It has your signature touch and hopefully has design elements that make it special to you. But it is a journey, and I’ve yet to meet anyone who hasn’t had to compromise somewhere. – Joe Patterson, Realogics Sotheby’s International Realty