What Do Millenials 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 1981-1996) are buying more homes than any other age group – often taking advantage of the benefits of FHA loans – and that trend is expected to continue. The coronavirus pandemic helped with this surge, thanks to the low-interest rates and the desire for more space as people spend more time at home.
Keep reading to learn what do millennials look for in a home to help you attract this buying market.
1. Low Maintenance Features
The millennial generation values convenience. The less home maintenance required, the better. When renovating before selling your home, think about what new additions will create the least maintenance for new 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 vs wooden decks that need annual restaining.
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.
Plus, 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. The most popular features are the ones that make tasks faster and simpler. 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 that eliminate 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
If investing heavily in smart technology, don’t forget to think about what can be installed outside the home, too. For example, smart sprinkler systems that water the lawn based on soil and weather conditions, rather than on a programmed schedule.
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.
Smaller improvements can help make your home more eco-appealing, too. Try weather-stripping windows and doors or installing low-flow showerheads and faucets. You can also swap out older light bulbs for more efficient LED options.
5. A Dedicated Workspace
Pre-pandemic, younger homebuyers were looking for homes with functional spaces. This has become even more important now, with buyers viewing their homes as their potential workplace.
Help them visualize this possibility in your home by staging a room as an office or dedicated workspace. If you don’t have an entire room that can be staged as a home office, consider transforming a corner of a living room or an under-utilized portion of a kitchen counter.
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. 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
As a seller, make sure your outdoor space is ready to impress. Clean or restain your deck, add new patio furniture, colorful accents, or potted plants, and maintain your lawn.
According to LawnStarter, the average cost for landscape maintenance in Philly is about $200, so it may be worth your while to hire someone. If you’re looking to improve your landscaping, keep in mind that a low-maintenance and eco-friendly approach will appeal to younger buyers.
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 long!
Are you preparing to sell a property in Philadelphia or San Diego? Brotherly Love Real Estate are your local property experts. To learn more about how we buy houses, give our team a call today at (215) 769-9875 or contact us online to arrange a callback.
Author: Bryce Thompson is a home stager and freelance writer who specializes in inexpensive ways to improve energy efficiency and curb appeal.