Why Millennials Are Building Their Dream Homes
Beyond the shortage of resale homes for millennials to consider, there are some things about designing and building a custom home that is attractive to this tech-savvy generation.
Millennials are now the fastest growing segment of home buyers. According to a recent survey, homebuilders are having a difficult time keeping up with new millennial market demands. Since there is a shortage of entry-level existing homes for sale in this low supply market, more and more millennials are turning to new construction. Beyond the shortage of resale homes for millennials to consider, there are some things about designing and building a custom home that is attractive to this tech-savvy generation. Here’s why Gen Y is turning to custom homebuilding projects in recent years.
Older Homes Can Have Issues
As handy as they are, millennials are often not looking for another DIY project when it comes to their new homes. Older homes can often have plumbing and electrical issues or require new heating or cooling systems – all of which can cost a significant amount of money and cause a lot of stress! A new home is built with the latest materials and appliances, and often come with a warranty which protects new homebuyers and gives them overall peace of mind.
Energy Efficiency is Important
Many millennials are concerned about environmental issues and climate control – which means they’re more likely to invest in energy efficient and “green” home options to reduce their individual impact on the environment. Home builders often opt to use Energy Star-rated appliances for lighting & plumbing, which can sometimes add a $2,000 tax credit and other cost-savings for the homeowner. Many millennials are opting to customize their homes with energy efficiency in mind.
Smart Technology is a Must-Have
Millennials have been known to show older generations the ropes when it comes to technology. In fact, more than nine out of ten millennials own a smartphone – which is an indication of how important technology is to this group. As potential homeowners, they want to make sure their homes are as smart as they can be, leveraging the latest technologies for security and convenience.
Low Supply Market – Especially in Hottest Cities
In 2020 we’re seeing good homes flying off the market in just a matter of days, many of which went through a bidding war or were sold much over the initial listing price. This high demand, low supply market is making it very difficult for eager millennials to find their dream home – especially in some of the hottest cities. Now, millennials are getting creative and using their time and money wisely, by investing in a custom home or a teardown and rebuild project.
As mentioned above, millennials are tech savvy and smart with their time and energy – which is why many are looking for a simple digital platform that makes the homebuilding process uncomplicated from start to finish. Atmos Home Concierge is leveraging its extensive network of local experts to fundamentally change the homebuilding game for millennials and beyond. See how you can get started today!
