We see all kinds of headlines pop up, announcing the ‘millenial housing crisis’ and that ‘millenials will never own a home’! However, statistics seem to suggest otherwise… Generation-Y homeowners actually leapt up to 36% in Spring 2018 – vastly becoming a major proportion of the market.
This is a generation known for having endless options and so many ways to figure out the best one for them. With digital devices at their fingertips – it’s increasing.
So what are the 20-30-something year olds looking for in their perfect home..?
It’s likely that a prospective generation-y buyer walking into your home, will block out your furniture and re-imagine your wall divisions. Why? Because generation-y like to make things their own.
Communal living is embraced by millennials, so having a space where they can host a gathering and still be a part of the action whilst prepping, is ideal. Think open-plan kitchen/living areas.
It’s often the case that generation-y will re-think a traditional space, so for example, turning a dining room into an office or a workout area.
As with anything aesthetic, generation-y desire homes that look well designed and upscale. At the same time, the majority of millennials also favour a place that requires very little maintenance.
Socialising and enjoying free time is more important to them than spending weekends completing home maintenance tasks and repairs. If you are able to stress that your home is easy to maintain, and at a low cost then you’ll improve your chances of appealing to this market.
If you’ve had your roof repaired recently, replaced windows or if your home is fitted with a high-efficiency system such as HVAC – this is all worth pointing out.
Everyone is talking about sustainability and the importance of being “Green”, starting in the home. Homes that offer energy efficient features are more appealing to millennials, not only for the environmental benefits but also for the savings in cost over time.
If you’re replacing any appliances to sell with your home, it’s worth checking for models with high efficiency ratings that can help save up to 13% in energy bills. Make sure your home is fully insulated as this is the most effective way to stop heat loss and save energy. Other considerations such as LED lighting or a programmable thermostat will help towards conserving energy.
Tech-savvy Generation-Y have more options than anyone before them and although this generation tend to rent for longer than previous generations, they make larger purchases when they do eventually settle. Rather than opt for the traditional starter home, their price point is higher than that of Baby Boomers and just 11% less than Generation-X’s spend. So, if you want to have the best chance of selling your home it’s really worth optimising for the Gen-Y market.