Is the Starter Home Making a Comeback?
Source: Daily Real Estate News
Starter homes were largely viewed as a dying fad, but millennials are showing renewed interest. They believe the starter home may help turn them into a homeowner more quickly.
Six in 10 millennials recently surveyed by Berkshire Hathaway HomeServices expressed an interest in purchasing a starter home, seeking a place that may require some TLC and that they could fix up over time. Such homes tend to be more affordable and may offer them the ability to build credit and become a homeowner sooner, the company’s latest Homeowner Sentiment Survey reveals.
Millennials say the top reason they’re staying on the fence in moving forward on a home purchase is because they’re struggling to save to buy their dream home. Of those holding out for their dream home, half of respondents cited the desire to go through the home-buying process only once and 37 percent said they don’t want the hassles of renovating an older home.