Every generation has its own specific set of characteristics that make it unique. As time passes, people working in the real estate industry have to start catering to different needs. Now that millennials (people born between 1981 and 1996) are old enough to make the majority of the home-buying population, it is important for anyone who is in the real estate business to be aware of what millennial home buyers are looking for in a home.
Eco-friendly home design
There are several things that make millennials unique when it comes to choosing homes. The first one is a preference for environmentally-conscious design. Millennial home buyers like their homes energy-efficient and made out of eco-friendly materials. Homes designed in a more traditional way, that are not sustainable, have a negative influence on planet Earth, contributing to the greenhouse effect that is a serious threat to Mother Nature. Millennial home buyers know this and they don't want to be a part of the problem.
They would rather be a part of the solution, and one way to achieve that is to buy a green home. The process of offering such a home to your millennial customers begins early in the building planning phase when the right materials will have to be used so that the house isn't too expensive to build, while still being eco-friendly. This is important as millennials don't want to pay more for such a home. A lot of them have sizable student loans to pay off, and housing costs are far from being low. While they can save money by hiring cheap moving services after choosing a home, understandably, they still want their home to be affordable.
Energy-efficient homes are not only great for the environment, but they are also more affordable in the long run. Appliances that are energy-efficient are a must if you want to entice millennial homebuyers, as such features are not something that millennials see as an extra convenience, but rather as a requirement.
Resistant, durable homes
Apart from being built with eco-friendly materials, homes that would suit the needs of millennial home buyers will also have to be built with materials that will make the house more resistant. This is important, as millennials largely aren't interested in maintenance and having to do repairs.
In fact, the National Realtors Association claims that one of the main reasons why millennials have a tendency to buy homes that are newly built is precisely because they'd rather avoid maintenance obligations. Almost 50 percent of all such homes that were bought by millennials were bought with this in mind.
Similarly, if they're buying in an area with a high potential for natural disasters, it is important to millennials that their home is protected against such hazards. Again, this is important to have in mind as the house is designed and constructed because durable materials will need to be used in order to act as a shield against the raging elements.
Homes housing several generations of the same family are also popular with millennials. As many of them are now old enough to have at least one child, but they still have to work, they are increasingly more appreciative of the help they can get from their parents in terms of childcare. And again, multi-generational homes are also more affordable, as several members of the family are contributing to the family's budget.
What makes for a high-quality multi-generational home? Some of the key features include:
- Having an accessible space. Open concept house arrangement makes traversal much easier when several people are living together. It is especially useful to seniors (and even more so if they are in a wheelchair). You can also suggest to millennial buyers that they convert one of the rooms on the main floor into a bedroom for their seniors so that they can reach it more easily. This will also increase the privacy levels and provide family members with some time off.
- And while we're talking about privacy, a good multi-generational home should have enough rooms ready to be converted to a living room for each of the generations that are sharing the home. Having a playroom, a room for your millennial buyers and their significant other, and a living room for seniors will go a long way toward giving everyone some room to breathe.
- The same goes for bathrooms and entrances. Ideally, millennials who are living in a multi-generational home will want to have three bathrooms, and at least two entrances. This would provide them with practical benefits, but it would also be good because of the privacy-related reasons. Of course, it is sometimes impossible to have this many rooms, however, you should be ready to instruct the millennial home buyers on all the things they can do in order to have a highly-functional multi-generational home.
Millennials tend to prefer more quiet areas
While a lot of millennials will want to live in the heart of a city (usually primarily because of practical reasons), research shows that almost 60 percent of all millennial homebuyers have bought a property in the suburbs. More often than not, millennials seem to like their peace and quiet, as well as having a backyard that they can take care of and easy access to beautiful green spaces.
As we’ve mentioned, a lot of them have children now. If you want to meet the needs of millennials in terms of real estate, you'll need to offer them a home in a great neighborhood, that will be great for their children's upbringing. Millennials will almost certainly research the neighborhood on their own, being computer and internet savvy. They'll determine if a neighborhood suits their needs, which will have a tremendous influence on their "to buy or not to buy" final decision.
Of course, tastes and needs vary even among the people belonging to the same generation. However, you should be prepared to offer a home in a quiet neighborhood when you're dealing with millennial homebuyers. On the other hand, more urban areas can provide them with essential day to day services, so being ready to adapt to their needs is key.