5 Ways to Attract Millennial Home Buyers
The largest group of home buyers entering the market at the moment is millennials and they are the ones who will continue to revolutionize the real estate industry for many years to come.
As with any transition, certain tastes, traditions, and influences might not work on millennials as they did on the previous generation of home buyers. Sellers need to adjust their strategies and appeal to a younger market.
There are many ways to ensure that your home is millennial-friendly. Here are a few ways to capture the attention of the millennial market:
#1 - Update your kitchen and bathroom
Millennial buyers look for homes with updated kitchens and bathrooms. Many of them don't have the finances to update these rooms after buying a house.
Kitchens that are appealing to them include new countertops, renovated cabinets, and hardwood floors. You can reinstall new cabinets or countertops to give the old ones a fresh touch-up. Bathrooms can be upgraded by adding modern fixtures and new tiling.
You don't have to spend a lot of money but if your house is a bit outdated, it wouldn't hurt to add a few modern touches to appeal to a new group of buyers.
#2 - Open floor plans
The latest trend in new developments is large, open floor plans and this is another factor that appeals to millennials.
They prefer communal areas where everyone can engage with each other despite the distance between them. They don't want their friends or family to feel sectioned off when they are in different rooms of the house.
Multifunctional rooms are often one of the requirements of a millennial home buyer.
If you are considering remodeling the kitchen, consider tearing down a wall or two to create a larger space.
#3 - Low-maintenance materials
Time and money are not something that millennials will have much of when they buy a house.
They don't want to spend their time fixing up an old house nor do they want to spend money on repairing things around the house. Millennials prefer buying homes that are move-in ready and easy to maintain.
Consider choosing low-maintenance materials when renovating your house. These include quartz countertops, full-sheet materials like back-painted glass, and quartz backsplashes to eliminate grout lines for easy cleaning. Vinyl-sealed, concrete, or hardwood floors in the kitchen and bathroom will also make for maintenance-free living in the house of the millennial.
#4 - Smart home technology
Millennial home buyers are the kids who grew up when the computer exploded into the world so naturally technology and gadgets will appeal to them. Their very lives are contained on their smartphones and many of them are interested in buying a home that they can manage from the palm of their hand.
A smart home has many benefits and includes things like remote control functions, increased home security, and increased energy efficiency.
For the eco-friendly millennial, smart home technology can increase utility bills and it gives them a sense of control over their home no matter where they are.
#5 - Home offices
Many young adults are in careers where they can work from home and some have second jobs that require them to work from home in their spare time.
A home office is an appealing addition to the millennial home because it allows them to bring work and home life together whilst separating it at the same time. Creating a workspace for the young home buyer will attract them to the house because it suits their lifestyle better. They also won't have to worry about finding a space in the living room or bedroom to work.
Millennial home buyers have very modern tastes and homeowners need to know how to appeal to them. An old house can easily be transformed to suit the lifestyle of the young home buyer.