We have witnessed a shift in lifestyle preferences in the past several decades with the millennials gradually taking over the real estate market as the main buyer group. While baby boomers were more focused on high-maintenance properties and homes that require quite some attention, millennials seem to want the opposite. They are fonder of low-maintenance homes but that still offer plenty of space. Let's see how you can impress today’s homebuyers and which features rank high in their opinion.
Open plan: This trend has been around for quite some time now and it’s often associated with efficient use of space. Today's homebuyers are firm believers in this concept and they will rarely buy a home that has a wall that separates the shared living spaces, and if they do, they will perhaps opt for renovations.
A balcony/terrace/backyard: Outdoor chill areas or retreat corners are highly popular with the working population as many people want to enjoy the beautiful weather during spring and summer. If buying a flat, a nice terrace is often a desirable selling feature, while Detached homes with a backyard will be the preferred option.
Fewer square feet: Today's buyers don't want extra rooms that will sit empty. They don't want narrow hallways that take away useful space, so they will always try to avoid homes with a not so great layout. Today's buyers do want storage room though, but storage that is enabled through clever solutions like built-in closets and shelves, fancy furniture pieces with storage capacity, etc. Efficient space utilization is paramount as buyers don't want to spend more on utility costs than they have to.
Upgraded and neat kitchen and bath: These two rooms always draw special attention and they tend to be the centerpieces of every sale. Neat, shiny and functional is what buyers are looking for. They also love energy efficient appliances and different smart kitchen gadgets, so it's quite possible that they fall for a home if they spot such features.
Energy-efficiency: The trend of reducing costs and saving the planet through energy-efficiency is something millennials deeply care about on a larger scale, so most of them will avoid homes that have outdated furnaces or water heaters that consume too much energy as well as poorly insulated homes (for other reasons as well).
Nearby amenities: Luckily, today's neighborhoods are highly independent in terms of the amenities they offer from supermarkets to different shops and services. This is one of the key points for millennial buyers. They want to be close to as many amenities as possible even if they don’t choose the downtown life. For example, a parent with young children will put a focus on nearby but reputable nurseries/preschools and schools. Today's neighborhoods indeed offer a lot, from takeouts and fine dining to hairdressers and doctor's offices.
Smaller but functional furniture: Millennials are the kind of people who prefer furniture that is easily movable and easy to maintain. They are more about function than form, so they will keep it simple and neutral most of the time which means, shrill colors are mostly a no-go.
As a seller or someone who is trying to add value to their home, follow these tips to keep up with today's market demands. For more info, feel free to contact me.