First-time vs. second-time home buyers diverge on “must-haves”

High home buying priorities

First-time home buyers and veteran buyers have very different priorities, it seems. According to new survey data, experienced buyers have a much longer “must-have” list than the average first-timer, requiring things like double sinks, granite countertops and hardwood flooring.

Home buying essentials

It seems second-time home buyers don’t just have more experience — they also have more demands, too. Survey data from the National Association of Home Builders shows that second-time buyers have a must longer list of “essentials” than first-time buyers require.

For first-time buyers, the list of must-haves is only 10 items long. It includes basics like a living room, laundry room, dining area and a garage with storage.

Veteran buyers, though? They want aesthetically pleasing and sustainable amenities, too. On their list of 14 must-haves are lings like Energy Star appliances, hardwood flooring, a patio, granite countertops and a double sink in the kitchen.

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Tiny homes and taking their time

The same survey, which polled homeowners and buyers at the International Builder’s Show earlier this year, also revealed a penchant for tiny homes.

More than 60 percent of Millennials said they would consider buying a home under 600 square feet, while 53 percent of Generation Xers said the same. Just 45 percent of Baby Boomers and 29 percent of seniors would consider a tiny home.

For Millennials, homeownership is more important than marriage, kids

The survey also showed a trend toward slower, more drawn-out home buying.

According to the data, 61 percent of current buyers have been looking for a home for three months or more. Many said they can’t find a right-priced home, while others said they haven’t yet found a home with the perfect features yet.

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