CANADIAN MILLENNIALS ARE JUMPING ON HOME RENO TRAIN
Canadian Millennials Are Jumping On Home Reno Train
Housing bubble or not, but Canadian real estate market is putting a lot of pressure on Millennials who are still refusing to give up on their dreams of owning a house. Real estate prices in urban areas skyrocketed through the roof, putting Millennials who were already struggling with the tough labour market in even tougher position. Renting or staying in the same household with their parents are the most common living arrangements at this point, but each day, more and more Millennials are joining the ageing crowd of Canadian homeowners. The generational shift doesn’t just affect the face of the real estate market, but it is also causing some great waves in home renovation industry.
Millennials - The Driving Force of Canadian Renovation Industry
Millennials are more likely to buy a fixer upper then build their dream house from scratch, and to be able to personalize the space and make it feel their own, they need to indulge in some serious renovation projects. Despite their tight budgets, Millennials are now the driving force of Canadian home renovation industry. However, Baby Boomers still spend much more on their remmodeling shopping sprees, but it is expected that this trend will change over the next 10 to 20 years.
Making Educated Decisions
Acquiring a home comes later in the life of the Millennial generation, and with the wait come higher expectations and the long wish list. Customization is on the top of their list of priorities, and they tend to take on DIY-projects more often. Being a generation that doesn’t shy away from doing the research before taking on a project, Millennials do leave kitchen and bathroom remodels to the professionals. A kitchen and a bathroom are the most difficult and expensive rooms in the house when it comes to renovating, so they are not exactly the best candidates for DIY attempts. Millennials know that leaving a job like this to the professional renovators is the money well invested. However, we are not talking about any upscale interventions here, but rather touching up the outdated design and fixing signs of wear and tear. Mostly installing new countertops in the kitchen, or changing faucets and necessary plumbing updates in the bathroom.
They Know What They Want
Simplicity and convenience are some of the traits Millennials think highly off, and they are willing to pay the extra buck for it. Open, multifunctional space, equipped with high technological support in the form of high-speed internet connection, good phone signal and smart home features that can be controlled over their smartphones, are usually what Millennials have in mind when talking about the modern household. Low maintenance and energy cost are of most importance, so, if the funds allow it, they are choosing to improve the overall household energy efficiency by adding insulation, or changing the windows. Eco-friendly concept goes hand in hand with Millennial generation, who is often concerned about the environmental impact of their housing decisions. They are open to adding solar panels and water reclamation systems as a way to reduce their home’s ecological footprint.
Perks of Working from Home
As working from home is on the rise, especially among the Millennial generation, we are witnessing a growing demand for an extra room in the house that can be used as a home office. The importance of having an isolated working space is so high that, if there isn’t one already, they are probably coming up with a plan to build it. They are even considering extensions that will supplement their monthly income with the subletting revenues.
Not going to the office brings more attention to the house itself. Homeowners who are working from home are more interested in investing in making their personal spaces more enjoyable. Connecting with Nature by creating a setup that encourages outdoor living keeps trending, with deck additions being the most popular choice.
The lifestyle has changed for the young generations of homeowners, and it is our job to help them alter their houses in a way that will fit their needs. There are no universal solutions that would appeal to everyone. We are dedicated to making the most of every project and provide the highest satisfaction to our young clients, one project at the time.