Millennials are presenting a new set of challenges to realtors. They’re buying homes later in life and want to do away with many traditional elements that previous generations sought. These trends include seeking multifunctional and community spaces, complete with modern, sustainable facets. Let’s look at the most important factors for millennials when purchasing a home.
Location, Location, Location
This has been unchanged since the beginning of time. People inherently want to live close to their work and close to things to do. This is a major factor in choosing a home for most people. This sounds conducive to living in more urban areas, but millennials tend to live in more suburban areas.
The Great Outdoors
Roughly 75% of millennials are looking for outdoor areas such as vegetable gardens, fences and decks with their homes. Curb appeal has a big payoff when it comes to millennial buyers, so focus on having an outdoor space for gathering. Your yard doesn’t have to be large, just comfortable and appealing. An added perk like a nice grill can be enough to seal the deal for a potential buyer.
Kitchen Space
Millennial home buyers love large kitchens, and consider them a top priority when buying a home. Gen X and baby-boomer generations loved formal dining rooms, millennials prefer an open floor plan with kitchen, dining and living areas connected to one another. There’s an emphasis on cooking, entertaining and community, so an open floor plan with an island and informal seating is perfect.
Modern Matters
Space is less of a concern for many millennials. They prefer modern amenities that function well. An area to exercise, a washer and dryer and dishwasher are quite important. his includes items like dishwashers, washers and dryers, and space to exercise. Most millennials want things such as laundry rooms, patios, hardwood floors, and garage storage space. Home automation is another perk that millennials value, so that can serve as a big selling point if you have it installed already.
Environmentally Sound
Millennials are conscientious of their home’s environmental impact. When targeting millennial buyers, consider how your home fits into that. You can easily improve your home’s energy efficiency quickly to appeal to millennial buyers.
Low Maintenance
Millennials want things to be as quick, efficient and long-lasting as possible. Convenience matters, so when you’re renovating prior to a sale, think about swapping carpet for hardwood and using composite instead of real wood for a deck. These simple, low-maintenance options are easily extended into the yard with xeriscaping, that is both energy efficient and simple to maintain.
Multifunctional Areas
You cannot lump millennials all into one group, but they do enjoy multifunctional areas within the home. From a social standpoint, this allows for interactions with guests throughout the home, while not being confined to one space. Multifunction even applies to smaller spaces, such as having workout equipment in a bedroom.
The Bottom Line
When prepping for millennial buyers, show off your home’s overall versatility. You don’t have to knock down a wall for a more open floor plan. There a ton of small, simple ways to add to your appeal. If you’re looking to sell your home and want to make it more millennial friendly, reach out to me today to begin!
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