Millennials are all grown up. The generation that Baby Boomers eschewed as lazy, self-entitled, and incapable of becoming homeowners have entered the workforce, have stable careers, and are either in the process of moving to their first homes or have officially become homeowners years ago.
That is right; Millennials can afford to stop renting and invest in real estate properties after all. In fact, some of them acquired their first home before they were 30.
Although many are still inundated by student debts and two economic crises within their young lives, there is a desire to, like their parents, live in their own homes.
So, what are aspiring Millennial homeowners looking for in a house?
Kitchen as a Place for Entertainment
Millennials are in love with food. The internet has long mocked the penchant for pizzas and avocado toast, but this generation enjoys all types of food. They love exploring different cuisines, and they allot a portion of their income toward eating at a restaurant or getting one of those meal kit delivery services that are popular nowadays.
They also enjoy cooking.
The new generation of home buyers wants a stylish kitchen where they can recreate a cool recipe they found online. They also want to show off their culinary skills to their friends and host dinner parties with the people they care about the most.
These activities require an open-concept kitchen. Paying a kitchen remodeling service company to create a spacious area for cooking and dining is well worth the investment. It will make the property stand out against other listings and capture the attention of young people who are hoping to buy their first home.
An open-concept floor plan feels bigger and allows for frequent communication between residents. It also looks simple yet modern — perfect for the Millennial palette.
Millennials also want unique features like a steam oven or a wine cellar in their homes. Zillow, a portal for real estate buyers and sellers, found that a steam oven is one of the most popular features that buyers are looking for in a home. A listing that has a steam oven can increase the expected sale price of a property by 34.1%. Meanwhile, a wine cellar can boost a home’s final cost by 31.4%.
Millennials are also very conscious of their impact on the planet. They as much as possible choose options that promise to not harm the environment, even if they have to pay more. You will see a genuine concern for nature in the clothes they buy, the food they eat, and the house where they live.
Therefore, listings that enable them to live a more sustainable lifestyle is going to be popular.
Anything that will reduce their carbon footprint will be a good selling point to buyers in this age range. They are drawn to homes that have large windows, for example, so they can get a lot of sunlight to allow heat to come in during the colder months and encourage their dozens of plants to survive.
Naturally, they also are looking for the option to generate electricity from a renewable resource. Your solar panels will increase their interest and the money they are willing to spend on the property.
An Outdoor Space for their Home-Grown Produce
A lawn or a backyard is always an attractive feature no matter who is buying, but Millennials specifically are looking for properties that have space where they can spend more time in nature.
Many young people are taking up gardening to de-stress and to grow their own food. Through gardening, they can ensure that their food is free from toxic pesticides. They also know that the food that comes from supermarkets travels all the way from far places and, therefore, has a large carbon footprint.
So, having space for a garden in a listing is a plus.
Walking is the Way to Go
One of the most important factors that will influence the decision of a Millennial to push ahead with a purchase is location. The property has to be somewhere that is accessible to places that they have to be. It has to be around local shops, restaurants, parks, and their jobs. There also has to be a good school nearby for the children.
Millennials are a different bunch. They have preferences that are starkly different from what the previous generations looked for in a home or in every facet of life. They are already changing the housing market and, as more of them start shopping for a home, there will be more shifts. Sellers should be prepared to cater to what the Millennials want.