What Millennial Home Buyers Want
Since Millennials are the largest percentage in the real estate market, now is a great time to look at six home features and trends that appeal to this group.
Multi-Purpose Open Spaces
Younger buyers desire open floor plans. Traffic should flow freely from the kitchen to the office to the living area. Many Millennials spend time commuting to and from work so time with others is priority. So, while dad is in the kitchen preparing dinner, the kids can be doing homework or playing games in the living area or breakfast nook while mom is in the home office working on a project. Instead of dedicated rooms, each area is defined by furniture rather than walls and hallways. So, keep this in mind when budgeting home improvement dollars. Sometimes removing a wall can completely change the flow the home. Have a contractor give you an estimate of how much it would cost to remove a non-loadbearing wall. It could be a small investment that yields a great return on investment.
A home without 24/7/ 365 cellular service may as well be out in the north forty!! Millennials check everything from news, weather, work to social media online. That means they love lightning-fast Internet speeds and charging outlets always in arm ‘ s reach. One study found that 86 percent of Millennials would pay 20 percent more for a ” smart ” home: one with smart locks, light controls, smart thermostats and built in home security systems.
The typical Millennial’s budget is already filled with recurring payments such as cell phone plans, student loan payments, insurance premiums, car payments, subscriptions such as Hulu and Netflix, etc. Millennials are very aware of the financial drain from the recurring costs, and at the same time tend to care strongly about the environment. This makes managing their use of energy at home a big priority. Millennials would rather pay money now to save money later. So, think triple-pane windows, added insulation, energy efficient water tanks, energy efficient appliances when considering your home improvement budget.
Millennials work hard and typically spend longer days at the office and more time commuting than those of other generations. This makes low maintenance a top priority. They don’ t want to spend the free time they do have mowing the lawn, watering flowers, waxing floors, etc. Low maintenance finishes and surfaces are very important, like stone or quartz countertops, engineered wood floors, easy clean appliances and xeriscaped yards (water -conserving landscapes).
By the time Millennials are ready to purchase a home, they have probably delayed marriage, postponed kids, and jump-started their careers. They have spent their time in studio apartments and are ready for the suburbs. However, they still want a short commute. Almost 70 percent of Millennials cite a short commute as a critical factor when purchasing a home. When marketing your house, be sure to mention access to major highways.
The More Furnishings, The Better
Millennials move frequently, and often they move long distances. Rather than moving all their belongings, Millennials would rather purchase a home that is furnished. Major appliances such as a refrigerator, stove, oven, dishwasher, microwave, washer and dryer are very desirable. Many Millennial buyers want furnishings as well. If the budget allows, selling a home fully furnished will bring top dollar for your property. If your target is the Millennial buyer, be sure to stage your home with modern furnishings, hardwood floors, neutral colors and lots of space between furniture.