Younger buyers make up a considerable chunk of the real estate market. That’s why it’s smart to start looking into making your home more “millennial-friendly” when you decide you’re going to sell. According to Redfin, here’s what the next generation of buyers are looking for in a home.
1. Updated kitchens and bathrooms
Most young buyers don’t have the money or time to redo a kitchen and bathroom when they move into a new place. They’re looking for a brand-new kitchen with granite countertops and new stone tiling in the bathroom. Putting some money toward a kitchen and bathroom remodel can attract more millennial buyers to your property. You’re also likely to recoup a lot of your costs in the selling price of your home. In 2016, Remodeling.net showed that homeowners received $11,769 more for their homes on average if they remodeled the bathroom, along with $38,938 more on average for a remodeled kitchen.
2. An open floor plan
In 2014, the National Association of Realtors found that most younger buyers are interested in large, open spaces with fewer walls and partitions. Younger buyers want larger spaces to entertain or to use as multifunctional rooms. They don’t want to feel as if their family has to be sectioned off in different parts of the home. So, if you’re remodeling your kitchen, you might consider tearing down a wall or two to open up the kitchen into the living or dining room. Creating a space for a home office also can draw younger buyers. Although many do commute to work, they tend to work from home in the evenings to finish projects.
A “walkable community” means the home is near public transportation, grocery stores, restaurants, local businesses and public services. Homes receive a Walk Score based on how many errands can be accomplished on foot. Younger buyers are very interested in homes that have a great location, especially considering the amount of money that gas costs these days and average commute times. If your home is considered walkable, make sure to market it that way. You’ll have more millennial interest, and you’ll potentially be able to price it higher. According to Redfin.com’s recent study, each point on the walkability score can increase a home’s price by an average of $3,250.
4. Low-maintenance materials
Younger buyers don’t want large gardens that need constant tending, and they don’t want to spend their time fixing and cleaning their home. They want things that will last and are easy to maintain. Consider choosing low-maintenance materials such as quartz or recycled glass countertops when redoing the kitchen or bathroom.
In addition, adding technology to the home (such as a smart thermostat or energy-efficient appliances) can excite younger buyers. Many also are interested in looking at homes that can be controlled from a smart phone. Also consider purchasing a home warranty for your buyer. Many home-warranty companies offer “listing coverage” that you can easily turn into a year-long plan for a buyer to repair or replace worn down systems and appliances.
5. An agent who’s good with technology
You’ll want to hire someone who can work with a tech-savvy young buyer and their buyer’s agent to get the best profit for your home. Otherwise, you may lose buyers who don’t feel like the transaction is going quick enough or don’t feel like they’re up to speed on everything that’s going on with the transaction.