Millennial Buyers: What they look for when buying a home
According to Investopedia.com, millennial means “a name given to the generation born between 1980 and 2000 (also called Generation Y, following Generation X). Through the course of years, they are strongly becoming an important part of the real estate market. Most of them are composed of young professionals or new couples who are looking to invest in their first home. They are either looking for a home which requires little or no work or could also be romantic buyers who would prefer to put a personal touch on their ever first home and add value on the property in the future.
If you are a seller, you could increase your target market by knowing what millennial buyers look for in a home. In this article, I will be pointing out some features what they usually look for when buying a home.
1. Updated kitchen and bath – Young homebuyers are keen into investing for something that has an updated kitchen and bathroom fixtures. This is because most millennial buyers are on a budget and they would not want to spend on remodeling, instead they would rather put their money into down payment or mortgage.
2. Open floor plan and big kitchen space – Most young homebuyers find a big kitchen attractive simply because it is becoming more of a hangout room along with the family room compared to formal dining rooms which attracted buyers generations ago. Aside from that an open floor plan is also one of the main features in a home that millennial buyers look for. This is because of how they entertain as they would rather have people flow through the home during gatherings or parties, instead of having them sectioned into rooms.
3. Low maintenance – Wooden floors compared to carpets and granite countertops are more likely fall into the category of hassle-free and pleasing to the eye. Younger generations tend to find convenience or more so, “disposable” more attractive. They rather want something replaced than going for repair. Another reason is that young homebuyers grew up watching their parents do chores during the weekends. Nowadays, they want the weekend for themselves rather than cleaning the gutter or mowing the lawn, etc.
4. Space for home office – Based on continuing trend, most Americans work from home. Having a space for a home office is one significant feature that you could point out to a young homebuyer. Most agents would normally point out an unused room could be used an office. This feature does not only appeal to homebuyers who work from home full time, because of emerging technology this has given us the capability to go mobile, meaning that it is either they have the option to work in an office or at home. A home office can provide them with the environment that can allow them to focus or concentrate when making that important Skype meeting, planning a presentation or anything that has to do with organizing, paying bills, etc.
5. Technology – Another selling point is technology. Nowadays, millennial buyers would ask about cellular service and internet. Compared to previous generations, they do not care whether the home has cable connection or not. While cellular service may not be something that you have a grasp of, just be prepared to answer questions such as these as young homebuyers will likely ask.
6. Good location - Accessibility is also one of the main features that attract young homebuyers. Simply because they do not want to be faced with traffic or expensive gas prices just because they are not close to the proximity of their workplace or public transportation.
7. Energy efficiency – Going green may not be one of the main features that young homebuyers look for or consider when buying a home but this could still be a good selling point. Due to the increase of energy prices and interest in protecting the environment, it can be a great selling point as well. This does not only apply to the interest of young homebuyers but homebuyers in general.
8. HOA costs – Due to budget constraints, most young homebuyers would look for a property with low HOA dues. Oftentimes, expensive or high HOA dues could deter young homebuyers to acquire a certain property.
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