Are you thinking about selling your home in Remuera, Kohimarama, Orakei, St Heliers, Glendowie or Mission Bay? Have you previously dismissed the Millennials as a bunch of people loaded with student debt and who could not afford a home in such an expensive neighbourhood? Is your children a Millennial?
Well, now that we are into a new decade, it’s time to take the Millennials seriously. The millennials, also known as Gen Y’ers, are generally those born between 1981 to 1996. That would mean the oldest millennial is 39 and the youngest millennial is 24. This is likely to be a group with high purchasing power and therefore it would pay, as a homeowner who wants top dollar, to understand what features millennial home buyers look for and to make sure those features are highlighted.
So here are 5 ways to ensure your house appeal to a Millennial home buyer!
1. Updated Bathrooms & Kitchens
Many millennial home buyers (especially those younger ones) are often buying a home on a budget. Given the relatively high house prices in these areas, the age group tends to skew towards the older half of the millennial age bracket (i.e. 30+).
While they know that they might not be able to afford a brand new house in the area they want to live, they ideally do not want to buy a do-up if their budget allows for it. Between a big old house that is in need of renovation with more land and a smaller more modern house, they are more likely to go for the latter.
This is also because they are unlikely to have any spare cash to actually do the renovations so can only buy what their mortgage approval allow for. Neither do they want to spend their previous time slogging away at home trying to fix up the kitchen or baths. DIY home improvement is simply not their style.
It is therefore important that your bathrooms and kitchen are stylish and updated with the latest designs.
Millennials also like homes that are staged or furnishing that look like they came out of COCO REPUBLIC. If you haven’t got a clue, head to Pinterest or Instagram for some ideas. Sometimes you can make a house look like a million just by using things from Kmart and mixing and matching materials. (Psst – do you know some stagers use Kmart furniture and linen?)
In general, millennials want houses that they can move right into. They might not understand too much about foundations or structural beams but they will definitely want a modern fit out. They also know that the house they are buying is unlikely to be their forever home so any money and time spent on major renovations is unlikely to be appreciated.
2. Open Plan Areas
A millennial is likely to entertain a lot or have friends over to chill – no different from any other age group really.
But they would prefer an open plan concept whereby the kitchen flows with with the rest of the rooms in a home, especially the living space where guests may gather. It makes such gatherings less formal (hence less of a need for a ‘formal’ dining area) and more personable.
If you have a fantastic kitchen and island bench and it is just a little separate, see if it’s possible to knock down or enlarge the walls so that the area also looks bigger. They don’t want to be left out of all the fun while they are trying to prepare something in the kitchen.
3. Smart Homes
Having grown up in the era of technology, millennial home buyers are no strangers to smart home features. Homes equipped with smart home features are very attractive to millennials and these buyers are often willing to pay higher prices for these homes.
One of the most popular smart home features that millennial home buyers are currently looking for include automated or voice devices that control appliances, lighting systems, heating systems, and garage doors, such as Amazon’s “Alexa” or Google Home. These devices are appealing to millennials because they’re also able to be controlled through their smartphones while they’re away from home.
Surprisingly, these smart home features are actually not that expensive. We had a client who imported most of these devices from China for really cheap prices and made the house really ‘smart’ and different. However, they really add an additional oomph to the house and greatly appeal to Millennials.
But look – if you don’t want to go that far, when rewiring the house, think about adding USB ports around the house. These are super practical and useful, and instantly suggests to open home visitors that you are a forward-looking homeowner and you did ‘recently’ renovate.
4. Low Cost of Maintenance
Millennials desire homes that look fancy and upscale, however, most of the millennials are also looking for a home that has a very little maintenance.
Millennial home buyers would prefer to spend their time relaxing on weekends rather than spending time completing home maintenance tasks and repairs. It’s important that when targeting millennial home buyers you stress that your home has a low cost of maintenance.
This can be accomplished by pointing out features such as a new roof, new windows, low maintenance vinyl siding, and central vacuum system.
5. Outdoor Space
When it comes to millennial home buyers, the outside of your home is often as important as the inside.
Millennials are looking for a home with outdoor space that will give them the liberty to have a BBQ with friends or to simply relax.
If you’re looking to draw millennial home buyers to your home when selling, you need to have the goal of creating an outdoor oasis in mind.
The majority of Millennials will pay more for a home that has an amazing outdoor space that features a sprawling deck or patio or even a stunning pool.
Make sure the outdoors look amazing but still relatively low maintenance. They aren’t after an elaborate carefully manicured garden as they know they don’t have the time to look after it. They like ready lawns, or artificial turf and lots of decking so it can all be washed with a bit of water blasting.
Millennial home buyers will continue to play a large role in the real estate industry. Since they make up such a large portion of potential home buyers, it’s vital you understand the above things they’re looking for when shopping for houses.
Homeowners and real estate agents who understand these things and who know how to highlight them greatly improve their chances of a quick and profitable home sale.
Found this post useful and have more questions?
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