3 Home Features to Attract Millennial Buyers
Millennials have officially become the most active generation in the residential real estate market. A 2022 report from the National Association of Realtors shows that 43% of home buyers today are Millennials, leaving Boomers (29%) and Gen X (22%) in a distant second and third.
1. Versatile Home Entertainment Spaces
As a rule, Millennials want to live in urban areas close to where they work and hang out, and are willing to sacrifice square footage for an ideal location. Because of that, they’re looking for homes with adaptable living areas. Instead of a separate dedicated home office and home theater, they’ll be more drawn to a single space that can be a workspace by day and transform into an entertainment space when they set up their laser projector in the evening, fulfilling a variety of functions in their day-to-day life.
When you’re showing a property to Millennial buyers, stage rooms to emphasize their versatility. If you’re making updates or renovations, utilize multi-functional furnishings and fixtures, and steer clear of permanent additions that limit how a room can be used.
2. Home Automation and Voice Control
Millennials grew up with the internet, and now that they’re adults most use technology in nearly every aspect of their lives. That extends to their living environment. Smart home systems that allow temperature and light control through phones or using voice commands are very appealing to the Millennial generation.
Smart home fixutres also help homeowners control and monitor their utility use. As a rule, Millennials are more eco-conscious than previous generations, while those with significant student loan debts are always looking for ways to trim their budget. In short, home automation features appeal to this generation on multiple levels.
It doesn’t take a lot of effort or money to give a home a basic smart framework. Start off with a smart thermostat and lights, and the buyer can expand the system from there if they choose to.
3. Usable outdoor space
The pandemic lockdown instilled a desire for private outdoor space in many home buyers, certainly not least in those Millennials who lived through it in an apartment. Yard space is often limited in urban areas, so you can make your home stand out by maximizing the potential of the outdoor spaces it does have.
The home doesn’t need to have a yard to have appealing outdoor spaces. You can used raised garden beds or potted plants to add a natural touch to paved patios or balconies. Give the same attention to the front of the house to enhance its overall curb appeal.
Appealing to Millennial Buyers
Millennials are looking for a home that supports their ideal lifestyle from the day they move in and for many years to come. This means a home with versatile, modern areas both inside and out. As you’re preparing a home for market, consider ways you can increase the flexibility and potential uses of all the spaces in and around the home to increase its appeal to Millennial buyers.