Think millennials aren’t in the market to buy a home? On the contrary, by early 2019, millennials represented 42% of all new home loans. What does this mean for home sellers? It means it’s time to start revamping your house to attract these buyers!
Luckily, there are plenty of simple and relatively affordable upgrades homeowners can make that appeal to millennial buyers.
A Home Office Space
The remote work trend is on the rise for all groups, but especially among millennials. As a result, we suggest showcasing a home’s live-work versatility by carving out space for a home office. More than 13 million Americans work from home, according to the most current U.S. Census data. And all signs point to that trend continuing. It doesn’t have to be big, but millennial buyers are looking for somewhere to go for a last-minute conference call or to get additional work done during the day.
Luckily, this is an easy fix for sellers. If you’re looking to make your property more attractive to millennial buyers, consider staging one of the smaller bedrooms (or even a bonus space) as a home office. It’s a small touch, but it will help your potential millennial buyers picture the space working with their lifestyle.
Yes, this one seems obvious: Of course millennials are drawn to smart home tech, but what type? Appliances such as smart thermostats, smart doorbells, and more that can be controlled from an app are all the rage. Connectivity is king when putting a house on the market these days. Millennials crave smart security systems that don’t require a monthly subscription. Any new technology that comes at a low cost is a major bonus to this age group.
Energy-efficient products are also hugely important (and a huge selling point) for millennial buyers. Millennials are choosing eco-friendly materials such as non-toxic paint, Energy Star appliances in and around the home.
A Game Room / Gathering Space
When it comes to staging, we suggest highlighting how a space could be used as a gathering place for friends, something millennials actively consider when viewing homes. Millennials think about friends’ needs, so they want big areas where everyone can gather for entertainment, whether this is a TV or a game room.
It’s particularly important to install USB outlets in bedrooms, living rooms, and kitchens if you want to catch millennial buyers’ eyes. Smartphones are a fact of life today, and showing that your home is ready to make life easier with accessible charging ports will impress younger buyers.
We recommend sellers swap out standard outlets for the outlets that include USBs for charging. Constantly being on a smartphone drains a lot of power. When your home offers a charging hub or outlets for people, especially in unconventional rooms like the kitchen, they are more likely to stop and take a second look.
When it comes time to paint a property, opt for soft, light neutrals to appeal to millennials. Millennials favor neutral colors. Particularly grays have gained wide appeal, along with more whitewashed gray variations, soft neutrals, and creams.
When it comes to upgrading cabinets and other built-in features, experts say to opt for modern design elements if you’re hoping to woo millennial shoppers. In recent years, we are seeing millennials prefer modern, sleek designs with clean lines and minimalist aesthetics. To them, less is more. Homes that have new, stainless-steel kitchens and simple cabinetry draw millennials in.
Outdoor Living Space
In addition to upgrades inside the home, we recommend making sure that the backyard feels like an extension of the living space, something that’s proving important to millennial buyers. Millennials have demonstrated a desire to personalize their homes, and large yards provide that opportunity. Space designed to spend time with friends around fire pits, room for a garden, and room for pets to roam is desired. However, sellers should keep in mind that these areas shouldn’t require a lot of time and maintenance, as this is something that repels millennial buyers.
According to the recent Chase Housing Confidence Index, a survey which used data from the U.S. Housing Confidence Survey, millennial homeowners ranked landscaping first on their renovation wish list, ahead of bathroom and kitchen remodels. Everyone wants that Instagram-worthy curb appeal. Over 40% of young homeowners are looking to install new landscaping in the next few years.
Millennials are also more likely than older buyers to extend that smart tech to the garage and try electric vehicles, which makes power outlets in the garage increasingly important to them. Having the option to power, form smart cars to toy batteries to an outdoor fridge, will instantly up your home’s appeal to millennials.
Millennials aren’t all about fashion over function, despite what some may assume. Millennials are drawn to homes that have a lot of practical storage space and have a desire for storage. If a home contains a multifunctional piece of furniture with storage options, even better. A home with plenty of built-in closets and drawers is more likely to be sold to buyers in this age group. Garages are also a notable place for increased storage.