Customizing Homes For First Time Home Buyers

Sitting back and looking at the residential real estate market and the National Association of Realtors’ market statistics, I see a possible opportunity for investors to profit on first time home buyers.

Here’s my theory:

Millennials have grown up digital, with the ability to access whatever they want to watch, to know and to buy at the touch of a finger. At first it was just on computers, but now it’s on their phones and even on their watches.

Having the ability to create a personalized experience in many areas of life, why wouldn’t they want the same thing when they buy a home? Why wouldn’t they want to place their order for cabinets, countertops, paint and flooring, even if they aren’t able to afford new construction?

What’s stopping real estate investors from buying foreclosures and other distressed properties and showing potential buyers some BEFORE and AFTER mock-ups, not just the property itself?

What do you think? Wouldn’t it make sense to offer a customized remodeling package to first time home buyers who want to satisfy their personal taste in home décor, and yet have the common sense to avoid buying more house than they can really afford?

Here’s what inspired me to come up my theory – it’s from an article by Amy Hoak on MarketWatch.com:

“Millennials also want their homes to be highly personalized, according to a Better Homes and Gardens survey of 1,610 women homeowners. A home that is customized to their tastes and needs is a top priority for 63% of millennials surveyed. And 60% of millennials say that having a home that is a reflection of them is more important to their generation than their parents’ generation.”

And also the following data from an article on USNews.com:

“The National Association of Realtors 2015 report on generational trends found that millennials, who are currently between ages 25 and 34, make up the largest share of homebuyers at 32 percent. Even more striking, millennials now constitute 68 percent of first-time homebuyers. That percentage might soon grow even more: A survey of 1,002 adults by TD Bank released in July found that just under half of millennials will be looking to buy their first home over the next two years.”

To me, it makes sense to assume millennials might see a customized first home as a great idea. If the remodeling projects are already completed, along with structural and other necessary updates, why wouldn’t busy young people prefer to buy a home that’s all ready for them, rather than taking on the updating and remodeling projects themselves?

Is anybody doing this already? Let me know!