Slowly but surely, millennials are taking over the leadership of the world. In terms of finances, they have become solvent enough to purchase property, but they aren’t looking for the same things as their parents did. Real estate agents know this best, so here is a list of the must-haves if you are aiming to sell your property to millennial homebuyers.
Does your home have a laundry room?
American sitcoms during the 1990s and the early 2000s prominently featured laundry rooms. Perhaps this is where millennials got the idea that a house or an apartment must have a laundry room or a laundromat. For them, the function of this room takes precedence over its size. You might want to remodel a section of your basement to house a commercial washer.
Setting up a home office
As more companies are discovering that working from home is as productive as working from an office, the need for home offices is growing. Millennials will set up an office in their new home, so why not do it for them and cash in on the improvement! This doesn’t have to be a separate room like a study but rather a neat-looking nook in the bedroom or the living room. This would give new owners enough privacy for video calls and holding presentations.
Energy efficiency is the new standard
Not so long ago, an energy-efficient home for sale was advertised since there weren’t many eco-conscious sellers. Today, energy efficiency has become the new standard, and “energy-guzzling” property is of no interest to millennials, i.e., the green generation.
The updates to your home don’t have to be radical. Check that the HVAC is in working order, ensure all appliances are energy-efficient, and spruce up the backyard. More costly upgrades include installing solar panels on the roof and rainwater collection tanks out in the back.
Going high-tech
Millennials are a generation used to high-tech gadgets, as they grew up with the Internet. Your home should remain “analog,” as you must go full-digital with all sorts of high-tech amenities. Some of these include:
- An automated garage door
- A programmable thermostat
- Wireless-operated light dimmers
- Contactless locks
- Remote-operated blinds, etc.
Location (still) sells
Unlike the previous generation, which resided in the suburbs, millennials like to live closer to the city center and use public transportation. When listing your home, be sure to point all the perks of the location, i.e., all the places within the residence’s walking distance.
Also, millennials will enquire about the local community, so tell them a thing or two about the neighbors. Luckily, a parking spot isn’t high on millennials’ agenda, as they prefer the metro or the bus to get around the city. An outdoor bike storage/rack would be an advantage, though.
Colorful furniture
Speaking of the inside of the house, most millennials are after colorful modern furniture. For example, trendy bean bags are a great addition to any room, and bunk beds with retractable ladders are perfect for children’s rooms. Apart from neutral colors (e.g., white and beige), every room should have a touch of bright colors, such as green, orange, or yellow. Some millennials prefer a vintage look, so don’t get rid of grandma’s rocking chair just yet.
Exterior light is in
Another feature that seems to dazzle millennials is outdoor light. For some, exterior lighting is essential, while for others, it’s desirable. Therefore, you can never go wrong with a multicolored porch light or LED solar lamps along pathways. The owners want to use the outdoor space after dark, so adequate lighting is mandatory.
Go for an open floor plan
An open office layout is far from perfect, but it’s more popular than cubicles and individual offices. Millennials are used to open spaces, so make sure an open floor plan exists inside the house. For instance, you can conjoin two bedrooms upstairs or connect the hall to the living room downstairs. Although their generation is usually considered introverted and reclusive, millennials adore open spaces that serve as social hotspots.
Low maintenance cost
Whether it’s a car or a house, millennials place stress on maintenance costs more than on the purchase price. This means that millennial home buyers are actively going to look for low-upkeep features. These include wood floors (bamboo is trendy) and granite countertops which they deem indestructible. Instead, the typical millennia will replace a broken appliance or a damaged kitchen island than go through the hassle of repairing it on their own.
It pays off to stage your home
Although they are an easy-going generation in terms of clothing, millennials like all the homes they are shown to be staged. You could have the best pieces of real estate on the market, but unless you stage it properly, prospective buyers will skip it over and over again. A staged home shows prospective buyers how their new home would look like, so they don’t have to use their imagination. If you are unsure about how to stage the house in the right way, consult a local real estate agent, as they have plenty of experience on the matter.
Real estate ad with pictures
You won’t catch a millennial opening the papers to look for apartments to buy or rent. No, they exclusively search for real estate online, so make sure the ad you post online is representative, i.e., it features lots of great pictures. You should hire a professional photographer to take pictures of your house or apartment. If you want to grab millennials’ attention, throw in one of those 360° angle photos that allow a virtual tour of the house. Great, high-res photos are the first step in getting millennials interested in your real estate.
Conclusion
Selling your home to millennials isn’t a transaction like every other. Namely, this group of home buyers has unique needs that you need to keep in mind if you want to sell the property at a reasonable price. Well-off millennials are ready to pay a higher price if the home meets all of their requirements.