Millennials Move In – What This Generation Wants at Home

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Millennials are finally becoming homeowners, which makes them a prime demographic for many existing home sellers. Here are some excellent recommendations about targeting this group when you're ready to sell your home from our guest blogger, Beth Kotz.

Millennials are moving into the market – despite common stereotypes saying otherwise, many of today’s young adults are very responsible with their finances and that includes saving money for a down payment and investing in real estate. To underestimate the buying power of this demographic is a mistake!

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The millennial generation has recently begun to opt out of renting and started to search for more permanent residences to settle down. This year, when preparing your home to be on the market, hone in on the needs of younger homebuyers. Here are several tips that will make your home more appealing to millennials and future generations to come.

Don’t worry about the embellishments. Previous generations were impressed with craftsmanship and details, but these features stand out less to younger homebuyers. Increasing the value of your residence by using expensive materials no longer adds up to much, because millennials are more concerned with other features of the home.

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•Open living spaces are popular with Millennials, like this open living and dining area just off the kitchen from Key Land Homes.*

So what do they want? They want open floor plans and multifunctional spaces. This is a generation that cares less about products themselves and more about the “experience” of a room. Formal dining and livings rooms are a thing of the past. Exercise rooms, offices, and reading nooks are just some of the spaces that can be added into open areas for added appeal. This may involve quite a bit of remodeling and removing walls in older homes looking to sell, but it may be worth it for the appeal of an open layout.

Going green is more important than ever before, and this trend extends to living spaces, too. Energy efficient appliances and reclaimed materials hold major appeal for this generation, and they will need plenty of outlets and charging stations for their myriad electronic gadgets.

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And millennials don’t just want their phones to be smart - they also want smart homes. Technology is key. Homes can be made technologically efficient with the use of home automation. For example, you can use WiFi to control things like lighting, thermostats, locks, security systems, and appliances, all via an app like the Vivint Sky or via Amazon’s Alexa software.

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The location of a home has always been important, but it’s critical to millennials, and the amount of outdoor space included with the home itself is less important. Millennials want to be near friends, shops, restaurants, entertainment, and other urban offerings. They try to rely less on cars, and if a location allows walking or biking to nearby urban centers, they will be much more inclined to live there. They are willing to give up square footage for better locations, because they don’t need large status symbol homes. Instead, they prefer smaller homes in better areas. Some millennials will even be happy to find creative uses of space, like micro-housing concepts and shared outdoor spaces, especially if it allows them to afford a home in a more convenient location.

Millennials want their homes to be easy to maintain. They are not interested in giving up weekends and hobbies to do home repairs and upkeep. They like homes that are ready to move into. Easy to clean flooring, like faux wood, and ventless fireplaces can make the home more appealing. They also don’t want to spend a lot of time on yard work, but they do want fresh air and plenty of sun. Balconies, large windows, and skylights allow the feel of the outdoors without having to spend time mowing the lawn.

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Millennials who don't like lawn mowing would love this big screen porch from James Barton Design Build.

Millennials clearly have different preferences when it comes to home ownership compared to older generations. They have witnessed and experienced difficult economic times, and they have seen older adults lose homes after job losses and budget cuts. Still, they don’t want to waste money on rent. With these factors combined, they desire smaller and more affordable homes in urban locations. Regardless of location, you can make your home more attractive to this generation by making it as energy efficient, open, and tech smart as possible.


Comments

Nice article. I think nowadays home office is really important place all should have at there place. Recently my friend purchased a new house. Last week we visited his house and surprise by seeing his renovation, What an amazing office furniture he was having. It was so comfortable. Right now I'm thinking to convert small home space into an office. He suggested me to few companies like http://www.officesolutionsfl.com, Steelcase. Hope to get my furniture soon.

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