Inside the Mind of the Millennial Home Buyer
Numbers Don't Lie!
Even with all the stigma surrounding millennials, they are quickly becoming the largest group of homebuyers today. If they aren't already homeowners, 80% of Millennials recently surveyed expressed a desire in becoming future homeowners! 66% of who are expected to do so in the next 5 years. With such a huge influx of new homebuyers entering the market, it makes sense to question what can current homeowners do to attract the eye of these consumers who are most likely to buy THEIR house! Here are our top five:
Modest Updates 🛠
Move-in ready! Music to our ears! But especially for millennials - this is after all the on-demand generation. A dollar spent on updating the bathroom is money well spent, not to mention a little fresh paint goes a long way.
Going Green 🍃
The falling prices of solar panels combined with the ever improving product quality make this a highly enticing feature to have for an environmentally conscious younger demographic! Consider adding solar panels to your home, to save you money and attract potential millennial buyers.
Outdoor Lifestyle 🌴
77% of Millennials say that they want their outdoor space to have the "relaxing retreat" vibe! Adding a simple outdoor patio with some exterior lighting would go a long way!
Think Practical Space 🤔
The idea of having a beautifully designed room that is used for a grand total of 5 times a year (we are looking at you: Dining Room) wouldn't be a great use of space or attractive to the millennial mind. Converting this space to an everyday lounge area is the go-to alternative here. No one has ever complained about having more spaces to relax in.
Smarter Home 📱
Technology has seeped into almost every part of our lives, and it's no surprise this now includes our homes. Adding security features like a doorbell camera, backyard floodlights built-in camera, and smart thermostat are not as costly as they may seem!
In fact, Millenials polled that they'd pay 20% more a month in order to secure a home with smart technology!