What Do Millennials Look For in a Home?
If you’re thinking about selling your home, you’ve got two factors in your favor right now. Home inventory is low, and demand for homes is sky-high. Millennials (people born between 1981 and 1996) are buying more homes than any other age group – often taking advantage of the benefits of FHA loans.
The millennial group has a different outlook on buying homes. Our homebuying company deals with millennial clients regularly, and the experience is wonderful.
1. Low Maintenance Features
The millennial generation values convenience. The less home maintenance required, the better. If you want to renovate your home before selling, additions should attract prospective homebuyers.
For example, millennials prefer hardwood flooring or laminate (that’s long-lasting and easy to clean) over carpet (that traps dirt, triggers allergies, and requires regular shampooing). They also prefer synthetic decking over wooden decks.
2. An Updated Kitchen
Large, open-concept kitchens that flow into other living spaces top the list for many millennial homebuyers. This age group considers the kitchen a hub for socializing as well as cooking. With more meal preparation and eating happening at home these days, having an inviting kitchen is even more important.
Since many millennials don’t have a large renovation budget after buying a home, updated kitchens are preferable to ones that need work. Even if this means the property is slightly higher in value compared with others without a renovated kitchen, millennials are often prepared to get a higher property loan than use their savings.
3. Smart Tech
Tech-savvy millennials want tech-savvy homes. Adding to the appeal, they’re also controlled by voice command through Google Home or Amazon’s Alexa, or remotely by smartphone apps.
Some examples of smart technology millennials look for in a home include:
- Lighting systems that turn off the lights with one button or a voice command.
- Lights that turn on when you unlock the door.
- Smart door locks you control with your cellphone, eliminating the need to search for keys.
- Smart thermostats that learn your temperature preferences by how you use your heating and cooling systems.
- Smart security systems that allow you to check on your house and your pets remotely from your smartphone.
4. Energy Efficiency
Millennials are an eco-conscious age group, and they’ll favor a home with a smaller carbon footprint over any other. Solar panels, energy-efficient windows, efficient insulation, appliances, and lighting are all things millennials look for in a home or would prefer to have. Energy Star-rated appliances, in particular, are a top demand for millennials. Close behind is a good Energy Star rating for the whole home.
5. A Dedicated Workspace
Before the pandemic, “younger homebuyers were looking for homes with functional spaces”. This has gained more popularity with the work-from-home concept.
6. Outdoor Space
While it’s harder right now to “get away from it all”, millennials still want to get outside. Millennial homebuyers rank the backyard as a top priority, according to MyMove. I also believe that “Outdoor spaces serve as an oasis for relaxing, recreating, and socializing. Yards with decks/patios and room for kids and dogs to play are especially appealing”.
7. Pet-Friendly Homes
Speaking of dogs, millennials are obsessed! Nearly three-quarters of millennials own a pet, according to the American Pet Products Association. Many in this generation even prefer pets to children, and millennial home buyers may pass on a property if it doesn’t meet their fur babies’ needs.
Of course, if you’re buying a home with the intention of renting it out, beware of renters with too many pets. Make sure you’re familiar with the eviction process if the pets damage your home.
8. Nice Landscaping
According to LawnStarter, the average cost for landscape maintenance in Philly is about $200, so it may be worth your while to hire someone.
Summary
As millennials enter the real estate market in larger numbers, it makes sense to maximize your home’s appeal to this demographic. By focusing on features millennials love, your listing will likely not last.
