What type of property is most attractive to the millennial property buyer? Research from the National Association of Realtors has shown that although the average home buyer is about 44 years of age, more than 30 percent of those searching for a home are first time clients. They tend to be millennials born in the early to mid-1980s who have now matured and have the income to purchase their own properties. Understanding this group and their needs and desires is the key to successfully selling real estate to them.
Home Offices
The number of people working from home has continued to increase due to the adoption of smartphones, wireless technology, the internet and more affordable and robust computers. Therefore, there is a high demand among millennials for homes that have space which can be used for an office. Even those who do not work from home will want a space where they can study, read reports or fill out paper work.
Smart Homes Which Are Energy Efficient
As living and energy costs continue to increase, millennials are on the lookout for homes which are energy efficient and environmentally friendly. Examples of such homes include those that have additional insulation or windows which are double paned. Other desirable features are floors which are refurbished and faucets which conserve water.
Millennials are also tech savvy and want homes that have keypads, thermostats that can be automatically adjusted, and an effective security system. Homes that incorporate advanced features will be hot in demand among this group. It also should be noted that many millennials were teenagers when the internet was first introduced which means they will use it extensively when searching for a property, meaning those that plan to sell to this group must actively use social media, classified ad websites, and other online sources.
Open Concept Houses
The open concept home has come in vogue in recent years. This is largely due to the fact that millennials care less about square footage than their parents and grandparents and instead place greater emphasis on how big the space feels to them. Open concept homes are popular because they promote relaxation in a sociable environment that encourages homeowners and their guests to move through a standard space. Flexibility is the primary appeal. Perhaps the greatest benefit of an open concept home is that the owner can reinvent it many times over as they see fit.
Remodeled Bathrooms And Kitchens
A large percentage of millennials do not want to be bothered with renovations, which means they place a premium on houses which have either bathrooms or kitchens which have already been updated. It is well known to anyone who owns a home that remodeling these areas is the most expensive part of the house. It is for this reason that many millennials, who will spend much of their money on the down payment, don’t want to be burdened with the additional expense of having to remodel these rooms.
