Millennials are now jumping headfirst into homeownership, making up 43% of home buyers (the most of any generation), according to the latest study from the National Association of Realtors®, the 2022 Home Buyer and Seller Generational Trends report.
Millennial home buyers offer an exclusive challenge to property vendors to impress a new group of property stockholders. If you desire to target this profitable fresh market when vending your home, there are key home upgrades that will appeal to millennial home buyers, which include:
A home office has become a significant source of income for most people, especially freelancers. The trend is more common in the millennial generation; therefore, ensuring that your modern home has an office is essential. When showcasing the property, ensure that you stage a particular room as an office to impress the millennial home buyers. The real estate agent can use the home office as a bargaining chip when likely purchasers view your property.
One of the essential home upgrades a house vendor should consider having is establishing pet-friendly home features. The millennial generation is more fancied by pets, and most of them will be attracted to your modern home if it has a conducive environment for their pets. For instance, wood flooring such as oak or mahogany is the better choice to ensure easy movement of the pet around the house. Porcelain tile is also preferred since it has a high resistance to scratches or stains and thus is easy to clean. You could also consider installing screens on your windows to prevent high-rise syndrome, which occurs when a pet falls out of a high-rise building and could even result in the loss of the pet.
Any millennial will be awed by the idea of owning a modern home with cost-efficient and smart home technology. Consider eliminating outdated appliances or color schemes as you do home renovation since they will be a crucial turnoff for millennial buyers. Millennials are looking for a home they will access information from anywhere at any time, and even they can remotely monitor their homes. Some innovative home technology that would entice millennial home buyers includes:
Home sellers must make impressive home upgrades when deciding to do home renovation. Any modern home should possess an upgraded kitchen and a minibar, primarily if they target to sell their property to millennial home buyers. The young buyers are looking for side-by-side sinks, premium vanities, and walk-in pantries, among other design amenities. Therefore, look for proficient contractors to design your kitchen and minibar in an eye-catching design, especially for the present generation.
In your home makeover, ensure that you have a comfortable, fantastic outdoor space—the millennial generation desire to have an outdoor space that feels like an extension of the main house. Consider including a backyard patio or a porch that the millennials will quickly notice once they view your property as you make home upgrades; keep in mind that the buyers want a run-down backyard that can hold parties comfortably. Hire a professional who will ensure your house and the environment is appealing to everyone's eye.
Millennials are more interested in energy-saving upgrades, conserving the environment, reducing costs, and reducing their carbon footprint. For a home makeover, ensure you use high-quality materials and opt for energy-saving features. In particular, millennial home buyers would go for a home with solar panels, tankless water heaters, and property with rainwater tanks. Home upgrades will save a buyer's money and decrease the emission of greenhouse gases into the air. These young homeowners will appreciate an eco-friendly property more in terms of lighting and running of home appliances.
Having a laundry area on your property is crucial and will reduce individuals' stress when moving the laundry to the washing area. An owner of a modern home should consider having sufficient laundry area space to appeal to a millennial buyer. Everyone desires to live comfortably, and with a laundry room, you can perform numerous tasks with less effort. The laundry room is critical to most people since it is a store for chemical cleaning products that, when mishandled, could threaten adults. Your property will attract numerous clients if you have a sufficient laundry area.
As you plan on home renovation, keep in mind that millennials are looking for fancy, good-looking, and up-to-date properties. Work with a real estate professional to help you with changing the look of your home; it doesn't matter how old-fashioned it was before. Before you decide to put your house on the market, transform it into your target buyer’s lifestyle, such as energy-saving devices, innovative home technology, and an updated kitchen.
If you do a home makeover with critical modern updates, you will sell your property within a short while of displaying it. With just a few adjustments to your home, you can attract numerous buyers to your property.
