Millennials are transforming the home buying process… So what does this mean to you?
Millennials, also members of Generation Y, were born in the early 1980’s to the late 1990’s. The real estate market has been difficult for this generation to enter due to soaring prices, student loans and a change of lifestyle ideals.
Previous generations bought homes as quickly as they could, while millennials are more apt to splurge on a trip rather than save for a down payment. Although they have been slow to enter the market, for the last five years they have represented the greatest share of the home buying market.
If you’re thinking of selling your home, what does this mean to you?
If renovations are in your future or you’re preparing to sell your home, keep in mind what millennial buyers are looking for. This means, ditch that dated wallpaper and get ready to embrace a more modern and clean look.
Before you put on your painting overalls, lets see what millennials are actually looking for…
Millennials have been renting in trendy neighbourhoods and they like to be close to everything like coffee shops, work and transportation. Don’t fret if you live in the suburbs, millennials are willing to blend the suburbs and the city. They prefer to still have access to coffee shops, but are searching for areas with good schools, parks and green space.
When house hunting, millennials are taking into consideration where they will be raising their families and they aren’t willing to compromise on school districts.
Smart Homes & Technology:
Millennials like to be connected and energy efficient, so a home with smart technology capabilities is important. Being able to turn on lights and adjust the thermostat from an iPad is a plus. And having places to charge the iPad is even better!
They don’t want their parent’s homes! Millennials embrace sustainability and are looking for more modern homes that are cost and energy efficient. Large, un-used rooms are viewed as wasted space that cost more to heat and cool.
OUT with formal dining rooms and IN with shared areas. Millennials are looking for modern and open spaces. Don’t panic if your home has a formal room, there’s always potential to turn it into a media room or home office.
Modern Kitchens & Bathrooms:
If you’re thinking about doing some updates, these rooms are a great place to start. Millennials love clean lines and modern spaces. Upgrading your backsplash or adding stainless steel appliances can make your home stand out from the competition.
The millennial generation has adopted a less-is-more approach to home buying. Although they aren’t opposed to renovations, outdated interiors can definitely be a turn-off. So rip out the dusty rose carpet and stick to neutral paint colours if you want your home to appeal to this new generation of buyers.
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