June is National Homeownership Month, giving you an excuse to fall in love with your home all over again or find ways to revive it! What advice would you share with young buyers on purchasing a home? What do you wish you had known when you purchased your home?
According to the National Association of Home Builders (NAHB), builders have begun recognizing the need to design and construct homes around younger buyers these days. “As the economy recovers and young people who had to live at home with their parents move forward with their lives and achieve their dreams of homeownership,” reports NAHB Chairman Rick Judson, “home builders are delivering homes that cater to the floor plans, features and affordability that this generation desires.”
That means that energy efficient homes, tankless water heaters and ENERGY STAR-rated appliances top the list and that doors, windows and insulation are a focus, as well. In large part these options are requested due to the longer term annual savings over the life of the home. A recent NAHB study found that older homes (constructed prior to 1960) can expect maintenance costs of $564 a year, while homes constructed after 2008 averaged only $241 annually. As a Maplewood-based Realtor at Keller Williams, I see my buyers looking for certain features: open floor plans, family rooms off of the kitchen, little to no dining room or living room is acceptable, laundry upstairs, each bedroom with it’s own bath, easy access from kitchen to back yard. Often buyers want the charm of an older home and love the original details but prefer a layout that was unimagined in 1930.
With that in mind Judson stresses that now is the time for young professionals to buy homes. “There are outstanding opportunities in the current market,” Judson explained. “With near record low interest rates, competitive prices and new homes being built that include open layouts, energy efficient components and other features that cater to young buyers.”