Buying your first home isn’t like it was 20 or 30 years ago. These days, young buyers are less interested in purchasing a large, impressive residence than they are in finding a living environment that suits their lifestyle.
They’re swayed by factors such as the cost of living, interest rates, working from home, and the search for a better work-life balance.
The result: they tend to focus on the same set of priorities when visiting houses or condos.
Functional vs. Cosmetic Renovations
The majority of young homebuyers wish to avoid large-scale renovations.
With the high cost of materials and labour, many are worried about buying a property that will quickly turn into a money pit.
Turnkey homes therefore remain highly sought-after despite the low prices of properties requiring extensive renovations.
However, cosmetic renovations will never stop them from buying (a 2000s-style bathroom, a worn-out floor, etc.) because they’re comfortable carrying out improvements as their schedule and budget allow.
Immediately necessary work—reroofing, replacing the windows, adding insulation, upgrading the heating or plumbing system—is a completely different story.
The New Work-From-Home Reality
Despite the fact that telework is now less prevalent than five years ago, it remains a reality for several young homebuyers and significantly impacts housing needs.
In a single condo, many buyers now expect:
- A home office;
- Good lighting;
- A calm environment;
- A multifunctional room;
- A balcony or small outdoor space.
Since a lot of people are spending more time at home, everyday comfort has become a priority.
A dark, noisy, or poorly laid-out residence can quickly lose its appeal, even if it’s in a good location.
A Property That Allows You to Enjoy Life
More and more young adults are refusing to spend almost their entire salary on their mortgage.
Many prefer to buy a smaller house or a more modest condo to maintain a degree of financial freedom.
For example, some buyers are willing to compromise on:
- square footage;
- proximity to work and services;
- high-end features;
- yard size;
- location desirability;
In exchange for achieving a more balanced lifestyle.
For many future homeowners, travelling, going out, enjoying leisure activities or saving remains important.
This was all much less of a concern for the baby boomer generation, for instance!
What Defines a Great Location Has Changed
Priorities have also shifted regarding location.
For a long time, lots of young people dreamed of living in the city centre, close to all the action. These days, most are looking for a more peaceful and practical place to live day-to-day.
More environmentally conscious and more focused on their physical and mental well-being, young buyers are showing greater interest in:
- Quiet neighbourhoods;
- Communities closer to nature;
- Suburban municipalities;
- Pedestrian-friendly neighbourhoods;
- Transit and bike-oriented communities.
A Property With Personality
Whatever the generation, emotions still play a major role during a viewing: young people want to be able to picture themselves quickly enjoying their future daily life in the home.
And their tastes tend to differ from those of their parents. They’ll be more drawn to a warm and welcoming property than a cold and impersonal one.