Millennials play a critical role in influencing the movement of real estate in the market. Indeed, it is this generation that is currently poised to take over the workplace and the lion's share of income. However, millennials in Australia are currently lagging behind in home ownership.
This should not be the case though, as millennials are currently in the best position to pursue home ownership. Custom homes are also a top option for them to consider. Building a custom home offers flexibility that is more in line with the preferences of millennials. In addition, millennials have the time to invest in a custom home that they will live in for years to come.
The current trend is that millennials in Australia are not venturing enough into homeownership. There are several reasons as to why they should change their stance.
As millennials continue to dominate the workforce, they continue to become more financially stable. This gives them the option of pursuing homeownership as they build for the future.
Custom homes are an excellent alternative for millennials to design and build the property of their dreams. And because homebuilders are now leveraging technological features such as 3D models of homes and digital advertising, more millennials are coming across these options for pursuing homeownership.
The increasing cost of rental properties
As the population in urban areas of Australia continues to rise, millennials are experiencing higher rent costs. Rental properties are becoming harder to find and are also more expensive. This should drive more of the millennial class to pursue home ownership in order to reap more value from their expenses.
More financing options for homeowners
Financing institutions are offering more options and pathways towards homeownership. For example, mortgage offerings are expanding to include e-mortgages, varying interest rates and flexible down payment options. This is making it easier for millennials to consider designing a custom home of their dreams.
A custom home build
There are important planning tips that millennials can use to get on the path towards building a custom home. Some of these include:
While millennials might think that building a custom home is expensive, it can actually be less costly than buying an existing home. The important thing is to plan for upfront costs such as down payments, contractor fees and insurance.
With upfront payments out of the way, you will realise that the rest of the custom home path is less costly than it seems.
Get to learn as much about custom home building as possible. Consult homebuilding companies, mortgage brokers and other relevant industry personnel. This will make you more confident as you explore options for your new custom home.
The right builder
Finally, working with the right custom homebuilder will enable you to design the property that you always wanted.