Generation Y makes up the largest pool of potential buyers, and builders and current home owners alike are keeping their needs in mind when building and renovating homes.
The millennial generation is overwhelmed with options and information online, which is also reflected in their home search process. They are not looking to settle for a home that is good enough, they want to find one that is ready to move in and enjoy right away.
“They’re picky,” says Peggy Yee, a supervising broker at Frankly Realtors in Vienna, Va. told Consumer Reports recently. “Millennials have specific needs, and if your home doesn’t meet them, they’re going to move on to the next house.”
When your clients are looking to tackle a renovation project, Consumer Reports suggests they should focus on improving these four areas of the home that will make it an easier sell and appeal to younger buyers:
Create a Laundry Room
Young buyers want to separate their laundry from their main living space. Having a separate laundry room is so important to millennials, in a recent survey 55 percent of them said they wouldn’t even consider a new home without one.
Having energy efficient, up-to-date appliances and including smart home technology in a home is a big value-add for young buyers. As NAHB reports, over two-thirds of millennials say smart home technology is a good investment, and they are willing to pay 3 percent more for these upgrades. But as Consumer Reports cautions, “keep in mind that high-tech features can quickly become poor investments because technologies evolve quickly.”
Make Working from Home Easier
Many millennials have jobs with flexible schedules and work from home policies, so owners should think of ways they can re-imagine a space to make telecommuting a reality. As Consumer Reports points out, “It’s also relatively inexpensive to convert a room into an office; a basic desk, office chair, and door should do the trick.”
Focus on Outdoor Spaces
Many young buyers are looking for a home that’s move-in ready and comes already equipped with thoughtful landscaping and a outdoor space for entertaining. This type of space doesn’t have to be fancy either. Just adding a patio or deck that has room for seating and a grill should do the trick to attract these buyers.