With housing affordability still a prominent hurdle to homeownership, prospective buyers — especially millennials — now get creative in order to find suitable homes, according to JPMorgan Chase and the Property Brothers.
"When you think about first-time home buying, it used to be not many people wanted to buy a home and take on a project, but we're seeing that appetite shift," Amy Bonitatibus, chief marketing and communications officer
It goes beyond simply painting the walls. Because
"We have a lot of
About 80% of homeowners anticipated starting a home improvement project and 60% completed one in the past six months, according to Chase Home Lending's survey. A 58% majority of respondents set aside up to $10,000 for their renovations, while 21% project spending between $10,000 and $25,000, and the final 21% expect to go over $25,000.
Buyers overleveraging themselves and having to change their lifestyle stand as the biggest fears for millennial purchasers. Both issues point to
"One of the myths I hear is, 'It's not even in the scope of something I can handle. I have to save 25% for a down payment before I can even look at buying a house.' That's just not the case," said Drew Scott. "Another is, 'I want to
Having early dialogues about financing options and renovation funding can also be
"For second-time homebuyers, we often do a purchase followed by a cash-out refi very soon thereafter," Bonitatibus said. "We're going to give them all their options. If it doesn't make sense to give them a home equity line of credit, we'll be the first to tell them. Right now, we're saying, '