June is National Homeownership Month, giving you an excuse to fall in love with Chicago real estate all over again! What advice would you share with young buyers on purchasing a home? What do you wish you had known when purchasing Chicago real estate?
Builders have recognized the need to design and construct homes new, younger buyers these days, according to the National Association of Home Builders (NAHB). “As the economy recovers and young people who had to live at home with their parents move forward with their lives and achieve their dreams of homeownership,” states NAHB Chairman Rick Judson, “home builders are delivering homes that cater to the floor plans, features and affordability that this generation desires.”
That means that tankless water heaters and ENERGY STAR-rated appliances and energy efficient homes top the list and that doors, windows and insulation are a primary focus, as well. These options seem to be desired due to the resultant long term annual cost savings. A NAHB study showed that older homes (constructed prior to 1960) can expect maintenance costs of $564 a year, while homes constructed after 2008 averaged only $241 annually.
Judson reports that now is the time for young professionals to buy homes. “There are outstanding opportunities in the current market,” he explained. “With near record low interest rates, competitive prices and new homes being built that include open layouts, energy efficient components and other features that cater to young buyers.”