Today’s market of home buyers is primarily made up of millennials a.k.a those who are born anywhere between 1982 and 2000. It’s surprising, especially considering how the year 2000 feels like it happened just a couple of years ago, not a couple of decades ago. As a realtor, you might find it interesting how millennials compare to the generation before them when it comes to home requirements. If you’re a homeowner planning to sell, this information might also be of great help to you. Here are five things millennials look for when buying a home.
Great location
Across all generations, great location has always been a big factor for home buyers. Today’s average millennial home buyer wants a home that’s close to work and other places for their outside-of-work/extracurricular activities. They’re more likely to be urban dwellers, though there is a significant part of their demographic that wants to break away from the busyness of everyday life at the end of each day and would rather live in the suburbs.
Open, multifunctional spaces
For both social and practical reasons, millennials prefer to buy homes with open, multifunctional spaces. They prefer a living “space” where they can work out, host parties, and get some work done instead of a living “room” that’s only good for watching TV and receiving guests. When it comes to smaller houses, apartments, or condos, having open, multifunctional space is a must for millennials. If you’re preparing to sell a rather dated home, you might want to knock down a few walls, especially if you’re hoping to target the millennial home buyers market.
Smart home technology
Millennials were the first generation to have ever lived surrounded by technology. They’re what we call “digital natives” and a house with smart home features will always be a top contender for them.
A dedicated laundry room
In a survey recently conducted by the National Association of Home Builders, millennials have been reported to include a dedicated laundry room in the list when asked for things they’d want to have in their home. To be honest, doing the laundry does have a bit of a calming effect, doesn’t it? Listening to the rhythmic humming of the washing machine, smelling freshness straight out of a detergent pod, folding clothes Marie Kondo-style -- it’s all a form of self-care that millennials love.
Low maintenance and move-in ready
Millennials value convenience and buying a home that they can readily move into is a huge plus. They don’t have a big budget to spend on fixing, renovating, or refurnishing a house so they want one that they can readily move into. They also prefer a home that doesn’t take a lot of work to maintain. They’d rather do a quick pass on hardwood floors with a mop than hours vacuuming carpets. In the kitchen, they prefer quartz countertops that don’t easily stain rather than marble which easily does.