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Big problem is that the majority of millennials are afraid to, or just don't know, how to get their hands dirty. The generation of participation awards and no score keeping at sporting events. They look at homes hoping to find the "perfect" home for them.... It doesn't exist. Even if it's a flip house, like the houses in my neighborhood all are, yeah, it's been gutted, rewired, new kitchen, new appliances, but if you buy on the flip side, you aren't buying what YOU want... Unless you are buying a custom build new house, you are stuck with what the builder put in. Best thing for the millenial is to buy the fixer upper, and do it yourself, or hire contractors to do the renovations that YOU want.
Yeah Jim, how should we go about doing that? I insisted on just that, told my wife "No way am I buying a flip." I told my realtor too. I was GOING to buy the worst house in the best neighborhood. Then we got bid out by cash offers. Every. Single. Time. The conversation with the realtor went "its contingent with 3 days due diligence" which means that a pro or wanna be pro bought it and certainly didn't have to worry about financing.
Something like 60% of the homes in our area are cash or investor sales. Meaning there is no bite at the apple for those looking for sweat equity, unless that's their business.
Yeah Jim, how should we go about doing that? I insisted on just that, told my wife "No way am I buying a flip." I told my realtor too. I was GOING to buy the worst house in the best neighborhood. Then we got bid out by cash offers. Every. Single. Time. The conversation with the realtor went "its contingent with 3 days due diligence" which means that a pro or wanna be pro bought it and certainly didn't have to worry about financing.
Something like 60% of the homes in our area are cash or investor sales. Meaning there is no bite at the apple for those looking for sweat equity, unless that's their business.
Right. If a house needs enough attention to really qualify as a "fixer," it will likely have appraisal or loan-qualification issues.
Cash and no appraisal wins every time.
I had first-timers, multiple times last year, making very good offers on not very great houses, and getting beat out routinely.
One young couple offered on 6 houses before scoring. And, they will be doing a ton of work over the next few years.
No fear and a little luck and a couple of largish compromises, and finally...………….
Coming from a millennial that's looking to purchase a first home and also works with a group of millennial's.
I've noticed a great concern for the more expensive fixes (plumbing, septic, roofing, etc.), but everybody that's recently purchased a house has purchased a "needed TLC" house. Honestly most of my co-works where more concerned about actually getting a house in there price range, then how the house looked. I'm actually to to find a house that looks like something from the 70-80's, but coast 15-20,000 less then a remodeled home. Unfortunately investors are also looking for the same homes and are either renting them out or doing a cheap flip job.
Yeah Jim, how should we go about doing that? I insisted on just that, told my wife "No way am I buying a flip." I told my realtor too. I was GOING to buy the worst house in the best neighborhood. Then we got bid out by cash offers. Every. Single. Time. The conversation with the realtor went "its contingent with 3 days due diligence" which means that a pro or wanna be pro bought it and certainly didn't have to worry about financing.
Something like 60% of the homes in our area are cash or investor sales. Meaning there is no bite at the apple for those looking for sweat equity, unless that's their business.
well, if you can get to the contractor who beat you out before he starts renovating with "builder grade" products, you can pay the premium to renovate to your liking. Better than buying a flip and having to rip out half of what the flipper did. To ME, a fixer upper is a blank slate. Most anybody can hang gyp board, and if they take their time, tape it. Electrical, mostly subcontract that out. You may find a contractor who might discount for parts of your labor. Same with plumbing. I'm comfortable with ductwork and piping, so MOST parts of HVAC I can do.... I draw the line at refrigeration because I don't have the tools...easier to just hire a guy to evacuate, charge and start your system. Paint...any able bodied person can paint. Lots just choose not to.... my stepson is overhead with the fixer that he bought....sat down on their new $4,000 couch with wet Kilz on his shorts.... daughter inlaw is .....but I digress. After he sanded the texture off of a 200sf plus ceiling in his family room, he said yesterday while we are sitting in the living room with the $4,000 couch with paint on it...."I think we are not going to paint this room"....LOL
I am a millennial and feel cautious about buying just yet. I am certainly no expert but feel like prices will drop in the next 3-5 years and will seize a better opportunity at that time.
Honestly, I don't think millennial guys are all that concerned what the house looks like. I am a 32 year old millennial but married to a 45 year old woman and I ended up moving in with her and just got a bedroom that I turned into my man cave and the walls are still white, just have a bunch of video game posters and anime wall scrolls. I couldn't care less what she wants with the rest of the house.
Honestly, I don't think millennial guys are all that concerned what the house looks like. I am a 32 year old millennial but married to a 45 year old woman and I ended up moving in with her and just got a bedroom that I turned into my man cave and the walls are still white, just have a bunch of video game posters and anime wall scrolls. I couldn't care less what she wants with the rest of the house.
This is a door opener to so many snarky things. I think I will just say that this enforces my image of Millennials.
LOL I can't believe this old chestnut of a thread has been re-opened. Must be Thanksgiving, the season for left-overs!
Whoops, didn't see the timestamp when posting. Just was in my recommended threads at the bottom.
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I think I will just say that this enforces my image of Millennials.
