Although millennials have been slow to take on home ownership, this is now changing at a rapid pace. Rents are going through the roof, and pressure to settle down come from multiple directions. Younger generations are being pushed into owning a real estate, sparking new trends on the dynamic market.
They possess a substantial spending power, have a different life experience than previous generations, and are determined to live an exciting life. Today, this diverse group comprises the largest segment of buyers in the real estate market in the US, so missing out the opportunity to adhere to their needs is not an option.
Take it easy
People who are dipping toes in the market for the first time tend to be cautions and frugal. Consequently, they opt for smaller-scale homes that are more affordable. They are also not keen on slaving over their living space and spending a great deal of time tidying up or taking care of the yard. Vacuuming and cleaning the carpet are out of the question as well. So, muse on renovating with materials that have low maintenance requirements. A hardwood floor, for example, is a perfect solution because it is both visually appealing and easy to clean.
A sealed envelope
A millennial could also inspect the functional features of the home, one of the most important being envelope of the building- the insulation. There are many ways to ensure that it is intact, from sealing leaks to upgrading doors. Moreover, introducing double-glazed residential windows enhances the insulation in the home, and prevent the heat loss. With these improvements, an owner can show that energy efficiency and sustainable standards of living are infused in the living space. Millennials grew up with the surge of green movements, so environment-friendly notions are embedded in their way of thinking.
Millennials seem to be born with a smartphone glued to their hands. Not surprisingly, tech-savvy generations expect their home to keep up the pace with the latest technological novelties. They will not put up with a property that does not include solid cell service, cable TV, high-speed internet connection and plenty of electrical outlets. Some buyers may want programmable LED lighting, and killer furnishings and appliances. More and more people also work from home, and need a comfortable space that allows them to stay productive.
The tech infrastructure should also be complemented by modern design style. Old-fashioned visuals and out-dated furniture simply do not cut it. Millennials lean towards bold accents, daring colors and innovative décor. Industrial look is a safe bet, as is any style that encompasses a multifunctional, open interior. Thus, bringing down the walls and partitions is something that could make the space more attractive to millennials. Finally, see to it that there is sufficient natural light and fresh air that makes the space feel lively.
Millennials live in a time when products no longer embody the tangible value, but a consumer experience. They crave to make a statement with their property, and share it with their friends and family. A dedicated social area in the hub of domestic life is something that can affect their purchase decision. An open floor plan is another feature they like to see, for it entertaining and conductive. Flexibility is also in the focus, which is why multi-functional spaces steal the show, not places such as formal dining rooms.
Smells like a millennial spirit
Millennials might not be the most seasons buyers out there, but they have pretty penny in their pockets and a pretty clear idea of what they want. Influence the decision-making process of these buyers by sprucing up, making home more energy efficient, and improving tech capacities. A millennial wants to live casually, to socialize, and enjoy the blessings of the 21st century. This group will continue to have a huge impact on home buying trends in 2016 and beyond. This puts many sellers on the quest of making homes future-proof and capable of capturing a young spirit.
About the author: Chole Taylor is a contributing writer for Realty Biz News.