“Love It or List It.” “Rehab Addict.” “House Hunters.“
All entertaining shows, sure, but channels like HGTV and DIY have given millennials a distorted perception on the homebuying process. Now, young people think they can have all the upgrades and get a deal.
I know my friends in Virginia Beach and Norfolk love theses shows, but there comes a point when you need to face reality.
As we discussed in point #12, you need to set expectation and let millennials know what they can truly afford. At the same time, it’s important for them to understand what’s possible when it comes to home renovations (a la “Rehab Addict”).
Make sure young people know, for instance, they can finance a renovation into the loan. Then the borrower can have a brand-new kitchen and appliances without paying for it in cash.
Featured photo: Al Ibrahim (Flickr)