Top 5 things Millennials want in a new home
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Now that a significant percentage of millennials are searching for their first home, this particular generation’s needs and preferences are quickly becoming the driving force in the real estate industry. Millennials have been the largest group of home buyers for the past four years.
It is important, then, to understand what millennial home buyers search for and prefer in their first home. Here are five important aspects that millennials look for in a new home:
1. Homes that are ‘ready to go’
Homes that are ready to move in are most likely to attract millennial home buyers rather than fixer-uppers or homes that require extra renovations to meet their needs. Convenience and the “ready-to-go” factor are necessities that millennials often look for in a home.
2. Open layouts and multi-functional interiors
The interior layouts that attract millennials come in all sorts of variations, but the key is fewer partitions and walls since this group likes to socialise and live casually.
Instead of eating their meals in the dining room, for instance, they might prefer to eat at the kitchen table and convert the dining room into a multi-media room or gaming room.
3. Energy efficiency and green living
The vast majority of millennials identify themselves as environmentally-conscious, preferring a sustainable lifestyle with a low carbon footprint. This involves more than just homes equipped with energy efficient appliances.
4. Technologically-equipped homes
Convenience and efficiency is most likely one of the main necessities for millennials, and connected smart homes deliver these aspects.
In fact, millennials are willing to pay an average of 20% more a month in order to secure a home with smart technology. They like electronic access, keyless locks, interconnected doorbells, mobile-controlled security systems, voice-activated assistants, and so much more.
Having the ability to control your lights, thermostat, alarm system and even door lock all from the homeowner’s smartphone would more than likely appeal to home buyers of any generation.
5. City versus suburbs?
Surprisingly, although many millennials reside in cities, many are looking for their first homes in the suburbs.
Finally
Millennials represent a growing force in the home-buying market, making up over a third of potential home buyers active in the market today. Therefore, it is crucial for realtors to understand their preferences and necessities in order to better appeal to the new generation of future homeowners.
Author: Property24
