Millennials are buying houses—many for the first time—and in doing so they’re learning that houses require maintenance, which can often be pricey.
These days, repairs can also be a challenge if the homeowners are not handy since contractors can be as scarce as the houses on the market.
Puronics, a Livermore, Calif.-based company that develops pure water solutions, surveyed 1,000 millennials in December 2021, aged 25 to 40, on how they feel about tackling certain tasks.
Of survey respondents, 48% said they are currently homeowners, 48% are renters, and 4% had other living situations—and maintenance costs deterred some of the non-homeowners from buying a home.
Just what were they uncomfortable doing?
Good news is that some in this group do tackle home maintenance chores, even if they don’t represent a majority.
For example, one in four can unclog their kitchen drains, and 27% can clean their ovens every six months.
As an advisor, I can recommend to anyone buying (or renting) have some of the right tools on hand, and better, know how to use them or where to find help. or I can show them how to use.
Many do turn to the internet for help, with 86% asking Google and 85% searching up YouTube videos. Other sources of information are parents, whom 62% consult, while 59% ask a friend or significant other, and 42% ask a professional in the field— Hopefully that will be me!
Is this the reason millennials resist buying?
Yes, 45% who rent said the thought of home maintenance expenses stopped them.
Another reason is that 76% don’t budget for maintenance, and if they do, they set aside an average of $2,869.
As a real estate professionals I share information with my clients to help them understand what parts and systems of a house need regular care and repair, and how to budget for additional expenses.
It’s my value-add as their trusted agent and my opportunity to quell buyers’ nerves about potential home maintenance as homeowners.