Owning a home is a significant investment, and often contributes to a desire to increase the value of a property. Every first-time homeowner wishes to get the best value out of their space, and thus, home improvement projects are common for first-time homeowners. But who are first-time homeowners in this day and age?
The latest research in real estate ownership shows that millennials, single women, and Hispanics have been increasingly purchasing homes. Since the housing market in the United States continues to quickly change, home improvement contractors should be informed of current construction trends. First-time homeowners prefer a modern and functional home over traditional designs.
Appealing Projects for First-Time Homeowners
Contractors looking to meet the demand for attractive and modern homes should look for renovations similar to the following:
Update the flooring
Modern home buyers will look at the flooring before making a decision. If a first-time homeowner acquires a house with an undesirable floor, replacing it is a viable if not obvious answer. There are many modern flooring options available for first-time buyers to choose from that can make a huge difference in the look of the home.
Make the bathroom functional
Remodeling a home’s bathroom might be costly, but the bathroom might be the reason the buyer prefers one home over another. Home improvement projects for a bathroom can include updating fixtures, adding storage, or expanding a bath to have a separate walk-in shower and soaking tub.
Include an upgraded lighting system
First-time homebuyers might overlook a home’s lighting system. However, a home with a perfect lighting arrangement is appealing to most homeowners. Adding additional ceiling lights, upgrading fixtures, or even adding a skylight can be attractive projects for many homeowners.
Remodel the kitchen
A functional kitchen compels a potential homeowner to invest. Outdated kitchen designs with loose cabinets might put off first-time homeowners. Renovating the countertops, backsplash, appliances, and cabinets can make a kitchen feel brand new.
The Importance of Home Improvement Financing Options
First-time homeowners acquiring an existing home are likely to incur additional and unbudgeted expenses. Inadequate finances should not be the reason they avoid investing in home improvement projects. Utilizing available financing options can keep homeowners from dipping into their emergency savings accounts, making them happy today while paying overtime.
Medallion Bank offers home improvement contractors the financing options their customers need. If you would like to learn more about our affordable standard installment loans, take a look at our contractor financing options here.