What Do Millennials Look For In A Home? A Seller’s Guide
Original photography posted at Unsplash by R Architecture.
Original article posted at Quicken Loans.
Millennial home buyers entering the housing market creates new challenges for realtors. Millennials are buying homes later in life than previous generations and are doing away with many of the traditional home elements their parents desired. Trends among millennials include a desire for multifunctional and community spaces, and homes with modern, sustainable elements.
Great Location
Some things remain the same across all generations; the importance of location. Research has shown that millennials want to live close to work and things to do. This is a huge deciding factor for them when choosing a home.
Outdoor Spaces
According to Traditional Home Editor-in-Chief Jill Waage, “Seventy-five percent of millennials want relaxing outdoor spaces,” including amenities like vegetable gardens, decks and fences.
When it comes to prepping your home for the millennial buyer, spend some time focusing on curb appeal. Is there sufficient space for relaxing or an outdoor gathering? It doesn’t have to be the large backyard with a white picket fence, but make sure it’s a space that prospective homebuyers could feel comfortable in with their friends (or a good book). There are plenty of great small yard landscaping ideas.
Big Kitchen
Millennial home buyers list large kitchens as one of their top priorities when buying a home. And while the Gen X and baby-boomer generations leaned toward formal dining rooms, millennials prefer open floor plans where the kitchen, dining and living areas are all connected.
Millennials value community, cooking and entertaining. The large kitchen and open floor plan, complete with a kitchen island and informal seating, are a huge selling point.
Modern Amenities
While space isn’t as big of a concern for most millennials, they want their homes to come with modern, high-functioning amenities. This includes items like dishwashers, washers and dryers, and space to exercise. If you’re selling a condo, having access to personal amenities isn’t necessarily a must. In a study by the National Association of Home Builders, more than 80% of millennials want things like laundry rooms, hardwood floors, patios and garage storage.
Home automation is another amenity that piques the interest of millennials. Many want the ability to interact with their homes in the same way they do with their smartphones. There are varying levels to the smart house setup, whether that’s automated security, heating and cooling, lights – the list goes on. But if you really want to appeal to millennials, start thinking about ways to make your home more tech-savvy.
Environmentally Conscious
Millennials are focused on their home’s impact on the environment and their overall energy consumption. When marketing your home to the millennial buyer, consider how your house can follow that narrative. There are a wide variety of ways to make your home more energy efficient, many of which can be quickly implemented. Not only will these changes appeal to their values, but they’ll also help millennials save money.
Low Maintenance
Millennials expect all things to be quick, efficient and long-lasting. They’re a microwave generation, and convenience is of the utmost importance.
When prepping your home to sell, think about renovations that speak to the utility-focused millennial. Consider switching out carpeting – which stains easily and requires regular vacuuming – for hardwood floors. Similarly, synthetic or composite decking might appeal to them over a traditional wooden deck. Often made of recycled materials, this option will need only a periodic clean with soapy water.
And these low-maintenance options can even extend into the yard. Take a look at xeriscaping, which is energy efficient and requires less time mowing during summer.
Multifunctional Spaces
While we can’t put all millennials in a single category, there appears to be a trend of pursuing interior layouts with more open space that can easily be used for multiple purposes. They do this both for social and practical reasons.
Socially speaking, this allows them to interact casually with guests throughout the entire house. They aren’t confined to just hosting in the dining room. They have the option to move around the home and entertain casually.