Millenials are buying more and more houses on Long Island, and they are a fickle group indeed. Most Millenials have both high expectations on the houses they purchase, and low funds that they can dedicate to home improvement items before they move in.
Why is this? Well, first the cost of buying a home has increased. While interest rates are lower, the overall cost of living as a percentage of wages has increased. Part of this may be due to higher taxes and cost for insurance, and part may be due to limited earning and savings. In addition, many Millenials either have or had student loan debt. Paying that off takes time, but it also means they have less for a down payment...or they can just pay the down payment without having any cushion.
In addition, new home buyers have closing costs (and moving costs). So, after all of these are factored together, most Millenials have little left for home improvement items such as painting or remodeling a kitchen.
This is one of the reasons that homes that are "move in" ready sell so much faster than those that require additional investment on the buyer's part. Also, making many of these improvements take time...and time is money. New buyers may need to rent their current place for an extra month while these improvents are made, and that costs money.
So, here on some areas that will help make your Long Island house more move in ready (without breaking the bank).
1. A fresh coat of paint, especially if you have dark or taste specific color choices.
2. Refinish your hardwood floors (and rip up the carpet if you have hardwood underneath).
3. Freshen up the kitchen - consider painting your cabinets white if they are wood colored.
4. Get new stainless steel appliance.
5. If you have dated pink, blue, yellow, etc tile in the bathrooms, reglaze them. It's not that expensive and will make your bathroom look up to date and larger.
