Millennials Focus on Dog-Friendly Properties When Renting – What This Could Mean for Your Real Estate Portfolio

Illinois real estate lawyersIf you want to win over the millennial generation and expand your real estate portfolio, it may be time to let your properties go to the dogs – literally. Recent surveys indicate that this generation is  not looking for design features or your typical amenities when deciding where to rent or buy. Instead, they are focused on finding a home that caters to their furry friends. Learn how you can better cater to this generation by adding more dog-friendly amenities, and discover how a seasoned real estate lawyer can help you to further expand your real estate portfolio to secure a better, healthier financial future. 

Real Estate Has Gone to the Dogs

The millennial generation has finally reached the age where they are not just renting, but also purchasing homes. The reason is not to start a family, however. Instead, millennials are looking to give their dogs the best life possible. In fact, one survey found that 33 percent of the millennials who purchased a home did so because of their pets, which outranked marriage (25 percent) and the possibility of a child (19 percent). Another 42 percent of millennials who do not yet own homes say they are planning to eventually purchase one to accommodate a dog.

Amenities for their pets, such as a fence or room to roam (such as at a nearby dog park) are also some of the biggest factors that millennials use to determine which home they will rent or buy. Millennials are also far more likely to purchase a home with “luxury” pet features, such as a dog washing station or a nearby, upscale dog park, than other generations. 

Winning Over the Millennial Generation in Real Estate

Dog-owning millennials have to think about more than just location and amenities when purchasing or renting a home. Homeowner associations (HOAs), renters’ and homeowners’ insurance restrictions, and other aspects of renting and home ownership can also limit where they live. As such, developers are highly encouraged to do more than just offer amenities to pet owners; understand what sort of policies that your potential buyers or renters might be facing and try to mitigate them whenever possible. For example, if your rental property’s insurance does not cover certain dog breeds, you might consider shopping around for other policies that are less restrictive so that you can open your home to more renters in the millennial generation. 

Contact Our Wheaton Real Estate Lawyers

Whether you are looking to purchase a new property, upgrade your existing one, or simply want to know more about expanding your portfolio so that it appeals more to the millennial generation, contact Stock, Carlson, Oldfield & McGrath, LLC for help. Committed to being the law firm you can trust, our DuPage County real estate lawyers have over 40 years of experience, and we will protect your interests at every turn. Call 630-665-2500 to schedule your consultation.

Sources:

https://www.cnbc.com/video/2018/08/31/millennials-and-dog-driven-real-estate.html

https://www.nbcnews.com/business/real-estate/one-big-reason-millennials-are-buying-homes-their-dogs-n790921

Why Hire an Attorney When Buying or Selling Residential Property?

Illinois real estate lawyersAs a consumer, you make hundreds – if not thousands – of purchases each year. Some are small and require nothing more than your debit card, credit card, or cash payment. Others, such as the purchase and sale of residential property, require a larger investment. Learn how the aid of an experienced real estate attorney can protect that investment while also decreasing the chances of costly or unexpected delays and challenges along the way.

Practicing Your Due Diligence

Anyone that has ever purchased a used car knows that there is always a risk of purchasing a "lemon" – a vehicle that never seems to run properly and always needs repairs. Sadly, not everyone knows that this can happen with houses, too. A home with the gorgeous wainscoting could be hiding mold or fire damage underneath. Structures that do not give much access to the crawl space could have more foundation issues than originally thought. Due diligence, performed with the aid of an attorney, can reduce the risk of these costly and unexpected problems.

Avoid Vague and Unclear Contract Terms

Real estate contracts are long, complex, and potentially confusing documents that few individuals have the knowledge to decipher. Instead, they usually find out too late that they are responsible for more of the closing costs than anticipated, or that the real estate agent has added commission fees to the contract. Avoid such issues by ensuring you have an experienced real estate attorney on your side, long before you ever sign a single document.

Negotiate a Better Deal in the Purchase Agreement

The purchase agreement is one of the single most important documents in a residential real estate transaction, and not understanding it can cost you dearly. For example, it may be listed that the home was altered, but it may not have been done lawfully. If you do not know this before signing the purchase agreement, you could become subject to fees and fines, imposed by your county, city, or state, for the continued use of unlawfully built or zoned structures. Additionally, you would be responsible for the demolition or correction of the structure in question.

Contact Our DuPage County Real Estate Lawyers

Regardless of whether you are purchasing or selling residential real estate, contact Stock, Carlson, Oldfield & McGrath, LLC. Dedicated and experienced, our seasoned DuPage County real estate lawyers can protect your real estate investment. Call 630-665-2500 and schedule your personalized consultation to get started today.

Source:

https://www.investopedia.com/articles/mortgages-real-estate/08/real-estate-attorney.asp