Posted in home improvement

Millennial Money: Home costs don’t stop at a down payment

If you’re saving for your first home, there’s no shortage of advice out there — some of it questionable, even if you do have an avocado toast habit. Still, it’s true that your down payment may be the biggest check you ever write.

But once you move in, it’s also true that the cash tends to just keep flying out of your bank account like that money-with-wings emoji. If you drain your savings on closing day, you’ll have to delay furnishings or repairs, to say nothing of less-pressing cosmetic changes.


A sizable cash cushion makes the cost of owning a home more manageable. But even if you lack that cushion, it helps to at least know what to expect and what else you may need to finance or start saving for again. Here’s what I learned.



1. THINGS WILL BREAK

I’ve lost count of the handymen, electricians and plumbers who

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Posted in home

Millennial home buyers head to the burbs, face urban-core-like bidding wars

All it took was a global pandemic for millennial home buyers in Boston to start doing the previously unthinkable: ditching the city for suburbia.



a truck is parked in front of a house: moving-truck-boxes-house-adobe-stock


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But city dwellers are bringing some elements of downtown living with them as they begrudgingly move to the burbs.

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The prepandemic housing market in Boston’s urban core was notoriously tight. Bidding wars sent condo prices even farther into the stratosphere, with accepted offers sometimes surpassing $50,000 over asking. But that phenomenon is no longer just a Boston one, as home buyers flee the city for more outdoor space and square footage in a housing market that is still supply constrained like the urban core.

“It was outrageous: people bidding against themselves, and, in all those instances, you had to waive your inspection and mortgage contingencies, appraisal — all of it,” Alice Rouse, 32, a photographer who recently purchased a home

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Millennial homeowners have done the most home improvement projects during extra time spent in the house

Millennials are getting handier around the home since lockdown measures began, according to new research.

In fact, a poll of 2,000 homeowners found that compared to other generations, millennials have been the busiest, with 81 percent having tackled a home improvement project since March.

Conducted by OnePoll in conjunction with Bernzomatic, a manufacturer of handheld blowtorches, the survey examined the various home improvement projects American homeowners completed while stay-at-home orders have been in effect — and looked at why they’ve taken them on.

SWNS

For 65 percent of those polled, a project was done to save money while 49 percent simply needed something to keep themselves busy while being in lockdown.

Overall, the average homeowner has already attempted four different home improvement projects since March — guesstimating a savings of over $160 just by trying a project themselves.

All this, without the help of an outside contractor (47 percent opted

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