How To Attract The Largest Group Of Homebuyers
More young adults are becoming interested in owning real estate property. Knowing what features they want to see in homes can help drive home sales. Whether you are a real estate agent showing homes to millennials or a current homeowner looking to sell your property, having a concrete understanding of what appeals to this demographic can help improve the likelihood of selling a house.
New kitchens and bathrooms
Millennials typically have smaller budgets. Bankrate noted that young adults are drawn to homes with updated kitchens and bathrooms because they are less able to afford renovating these rooms.
"The primary reason younger buyers seek updated kitchens and baths is because they have limited budgets," Jack Curtis, a real estate agent, told Bankrate. "Most of their savings will go toward the down payment and furnishings. Kitchens and bathrooms are also the most expensive parts of a home to update, and young homeowners cannot afford to sink a lot of money into those areas."
A typical buyer, no matter the age, is likely more interested in a home with an updated kitchen and bathroom. This Old House emphasized the importance interested homebuyers place on a newly remodeled kitchen or bathroom. Outdated appliances and old tiling will probably not be overlooked, especially when interested buyers do not have the funds to invest in pricey renovations.
Homes that allow for easy entertaining
In conjunction with updated kitchens with high-quality cooking appliances, millennials are also interested in investing in a home that allows them to easily entertain their guests, according to Forbes. New kitchens, open floor plans, patios and decks are great features that help young adults visualize entertaining in a new home.
Rooms that are blocked off into separate sections are not as appealing to younger interested homebuyers. Fred Ehle, the vice president of brand management at PulteGroup, noted that millennials find it very important to invest in a home that allows them to have guests and enjoy watching movies and sports.
Proximity to entertainment and public transit systems
Younger buyers are interested in homes that are close to shops, restaurants, bars and public transportation.
"I'm a boomer and for my generation, it was a badge of honor to get your first car and drive everywhere," Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, told Forbes. "Millennials are used to living in urban environments and many don't have cars."
Young adults prefer homes that allow them to easily walk or commute to their job or proximal hang-out spots. Location is especially important to millennials when they decide to purchase a new home.
Bold colors and hardwood floors
Interested home buyers who are part of the millennial generation do not mind bold and bright colors in a home. According to Forbes, they prefer a more colorful palette.
"There's been a popular belief over the years that painting your walls a neutral, off-white is the best thing to do for home buyers, but our research tells us differently," Chris told Forbes. "We find that bold colors work very well."
In addition, another feature that many young adults find appealing is the presence of hardwood floors. This type of flooring is easier to clean and maintain than carpet and homes with finished wooden floors are more visually appealing to the millennial buyer.
Millennials are interested in living green as well as saving some green. Energy-efficient appliances appeal to the younger buyer because of the money they can save as well as the environmentally-friendly aspect.
Energy-efficient windows, dishwashers, washing machines and other features are elements that can influence a young adult's house-buying decision. In addition, the presence of high quality insulation, especially in regions that have more extreme temperatures, can impact the money spent on heating and cooling and consequently effect whether an individual moves forward with the purchase of a home.
Flexibility is another factor that many millennials look for in a new home. They enjoy houses with rooms that offer a variety of potential uses. A home office or hobby room might be more appealing than a space that is designated solely for sitting down and eating.
In addition, the National Association of Home Builders noted that young adults are more interested in homes that have laundry rooms, and homebuilders are keeping demands like this in mind when constructing new homes.
Flexibility with home features
The survey conducted by NAHB noted that some millennials are willing to negotiate or give up certain desired elements of a new home. For example, houses that are not as close to work, stores, restaurants or bars are more appealing than property that does not have energy-efficient windows, appliances or other features.
In addition, unfinished space is not a huge turn-off for younger buyers. However, needing to finish a kitchen or bathroom might not interest as many millennials due to cost.