If you’re getting ready to sell your home, it’s time to start thinking about projects you need to finish and upgrades that will attract the right buyers. Who are the buyers though? According to the National Association of Realtors, Millennials (Gen Y) make up the largest share of homebuyers. If you’re selling your home, this is a market segment you can’t ignore. So, what do Millennial home buyers look for in a home? Millennial buyer demographics are steadily rising: 37% percent of today’s home buyers are under 38 years old, up from 34% two years ago. Since it’s clear this segment will only grow, current and future home sellers need to know what millennials want in a home.
According to Realtor.com, top motivating factors for Millennial home buyers are the aspiration to become home owners and the desire to up-size their living space. How can you make your home appealing to Millennial buyers?
1. Update your fixtures.
Some some Millennial home buyers want to purchase a turn-key home with no updates required and others prefer complete their own renovations, updated kitchen and bathroom fixtures are important to young buyers since much of their budget will be invested in furnishings and down payments.
2. Open floor plan.
Gone are the days of galley kitchens, formal dining rooms, and compartmentalized spaces. Today’s kitchen should be open and flow seamlessly into the TV room. Ideally, your backyard should also connect to either the kitchen or TV room and have the ability to become part of the living/entertaining space. Millennials want guests to be able to flow from one room to the next when they have gatherings.
3. Go green and save some money.
Millennials are interested in eco-friendly and cost-saving home features. These can be as simple as installing a programmable thermostat and changing lightbulbs to LEDs. Some other sought after features include energy efficient appliances, extra insulation, double-paned windows, and solar energy.
4. Keep it low-maintenance.
Convenience is king! Therefore, attractive yet easy-to-clean floors and countertops are all the rage among Millennial home buyers.
5. Technology updates and smart devices.
As digital natives, Millennials are looking for (and likely expecting) a home with a strong cell connection, integrated smart devices such as a Nest Thermostat and Ring doorbell, smart irrigation, smart plugs, and USB integrated outlets. If these are not already part of your home, the upgrades are a good idea and won’t cost too much and are easy to install.
6. Outdoor living space.
Living spaces are no longer limited to inside the home (this is especially true here in the Bay Area). Millennial buyers are looking for an outdoor space that is not only a yard, but also a living and entertaining space. Some sought after features include: a cozy seating area, firepit/fireplace, and outdoor kitchen with a sink, refrigerator, and built-in grill.
What do you look for in a home? Join the conversation in the comments section below.