Please note: this is a contributed post.
Adulting is hard when you’re a Millennial. That’s precisely why the famous real estate board game, Monopoly, decided to have fun with when Hasbro – the company that manufactures the game – released a Monopoly version of Millennials.
The backlash on social media was almost immediate. Many young adults found the game not only offensive – it is packed with stereotypes about this generation, including emojis – but also disheartening – it’s not about real estate, “you can’t afford it anyway” as the box reads.
Although, Hasbro claims that the game was never meant as an insult but as a break for Millennials to have fun and forget about their hectic lifestyle. Perhaps. But the truth is that despite the easy clichés, Hasbro has landed a perfect goal.
Millennials do find it more difficult than the previous generation to buy a property. More importantly, Hasbro is spot on about the attitude of the most significant generation of workers. The players are required to collect experiences instead of the traditional accumulation of properties and cash. As the experiences consist of vegan bistro, music festivals, and farmers, it’s fair to say that the new Monopoly board has spotted a real trend about Millennials. They are actively trying to create a healthy balance of positive mental stimulations and eco-friendly choices.
It’s not the only difference in attitude between Millennials and the previous generations, and that’s precisely what redefines homeownership – because contrary to what Hasbro claims, Millennials can still afford a home.
The Property Market is Getting Expensive Everywhere
First of all, it’s fair to mention that the property market has evolved a lot since your parents first bought their house. In fact, in North America only, the average price of a house has reached a record value of $652,400, which is over $300,000 more than what it was in 2005. All across the country, low-priced properties are disappearing.
You can find the same phenomenon in Europe. In other words, Millennials, if they want to afford a house, need to get their finances under control. While it’s not an impossible challenge, it’s important to understand that the process of finance management can delay your house purchase by a couple of years.
They Look for Financial Alternatives
Consequently, Millennials are aware that to buy a house, they need to be savvy about their financing options. If you’ve got a clean credit history and a high credit score, you might find it advantageous to get in touch with your banker and discuss offers. But if you’ve been struggling to repay a previous loan – such as your student loan, for instance – you might find that your credit score is in a less attractive position.
Thankfully, you can find suitable lending options from experienced mortgage brokers. Indeed, a broker is more likely to be able to offer a variety of loans at competitive rates, while your bank might only have a handful of options.
Secure your mortgage
They Become Savvy Crafters
You can’t maintain a property on a budget without understanding the basics of DIY. Many craft enthusiastic homeowners save every year thousands of dollars just by tackling most home improvement projects by themselves. You can save a tonne of money just by painting your walls yourself, using colors to boost your mood and redefine the space. Similarly, changing your light fixtures is a simple job that can dramatically change your interior.
Last, but not least, you can revive your old furniture by reupholstering chairs and sofas or painting batted cupboards. As a rule of the thumb, you need to stay away from complex plumbing, electricity and structural projects. Everything else, you can tackle for a tenth of the cost with the right tools.
They Know How Not to Waste Money
Millennials understand that everything in their home has a price. Consequently, when they accumulate items they don’t want or like, they look for the best option online to get rid of them for a profit. With Christmas just around the corner, you can expect to receive presents you don’t like.
The favorite reselling platform is eBay, with on average 14 million auctions going on at any one time. You can reach out to a wide audience and get rid of your unwanted gifts in a matter of days. But you can use other platforms such as Gumtree or even the Amazon Marketplace.
They Find New Ways to Build a Community
It’s more and more difficult for modern communities to maintain a sense of belonging. Most people don’t interact with their neighbors and ultimately, while we all know that it’s essential to get to know your neighbors, it’s never a natural process. However, exchanging phone numbers with your neighbors and making friends can give you a supportive network when you need it most.
While Millennials might find it difficult to connect in a face-to-face situation, they often see their neighbors on social media platforms and rely on apps to get in touch with the people around them. The result? They can build a close community and integrate into their neighborhood at a digital level.
They Make Their Home Intelligent
Millennials believe in the Internet of Things. They grew up watching Back to the Future and believe that Doc Brown was an innovator in his attempt to create smart housing. While they might not have to build a breakfast-making machine or a time-travelling car, they try to include smart tech in their household.
Using smart thermostats that maintain an ideal temperature without requiring human intervention can save you a lot of money on your energy bills at the end of the year, for instance.
They Embrace an Eco-friendly Environment
Last, but not least, Millennials are willing to adopt a planet-friendly lifestyle, which makes them more likely to create an eco-friendly household. Using smart tech to keep track of their energy consumption, they also choose renewables and low energy consumption appliances. They are changing their diet to consume less meat and reduce food waste. Their home is often an extension for their green lifestyle choices.
In conclusion, Hasbro is right in claiming that today is more difficult than ever to buy a house. However, the new Monopoly version shouldn’t discourage Millennials from entering the property market, but instead offer guidance in creating a new homeownership style: frugal, tech-savvy, eco-friendly and mindful. Millennials are the homeowners of the future.
Let’s Keep in Touch
Do you have any homeowner tips or tricks you’d like to share with The Creative Cottage? Leave a comment on this post or shoot me an email: info@thecreativecottage.net if you’d like to talk about possible guest blogging opportunities.
Take care,
Lynn Smythe
Founder and Chief Blogger
The Creative Cottage
Sloth Athletica
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