5 Things Millennials Care About in Real Estate
Millennials are the biggest generation to date. Understanding what they care about in real estate will help find ways to make your properties appeal to them.
Millennials are a massive part of the US population. In fact, they are the largest generation in America. They represent over 40 million Americans. They are becoming increasingly more important in the real estate industry. As such, it’s crucial that you understand their likes and dislikes.
As millennials continue to become homeowners, a shift in real estate is occurring that will reshape the industry. It is crucial to understand what they care about so we can create a thriving real estate community for these future buyers.This includes everything from how they view homes, how they feel about their neighborhood, and how they prefer to communicate with agents.
If you want to attract millennials, you should know what motivates them. Here are the top five things millennials care about in real estate.
Properties that are environmentally friendly
One of the most important things that defines the millennial generation is their concern for the environment. They’re interested in green living and sustainable lifestyles. So for real estate, they’re looking for energy-efficient and eco-friendly properties, such as solar panels, composting toilets, and energy-efficient windows.
Millennials love using materials made from recycled content, like bamboo flooring, reclaimed wood, and paper products. When compared to traditional homes, an added benefit to environmentally friendly homes is that they are cheaper to maintain as they use less resources to heat and cool the home.
A big trend in millennial homeownership is the usage of solar panels. We will want to take advantage of incentive programs before they expire. Using solar credit is a great way to save on remodeling budgets. We recommend hiring pros that use tools that allow them to create clear estimates, help customers visualize project stages, and find roofing leads. With proper installation, solar panels will eventually pay for themselves.
Last, millennials are very mindful of the design choices for renovating or constructing a home. Choosing environmentally sound materials is a big priority, but it is also a demanding task. Many millennials find that the best way to combat this is by leveraging what they know best: technology.
Modern style houses
Millennials are buying houses at record rates. One of the most common homes for young buyers is a modern-style home that is turnkey. Modern-style homes appeal to shoppers because they’re clean, classy, and aesthetically pleasing. They are minimalist, clutter-free, and bring in a lot of natural light.
A vital element of modern-style homes is the open concept of living spaces. It creates a more social environment compared to what you can find in traditional homes. Open plan designs feature no walls between rooms. This will make it easy for millennials to walk through the house and entertain guests in multiple locations.
Modern homes feature essential amenities like spacious kitchens that are open and bright, with roomy counters and cabinets. This is appealing to millennials because it gives the living space an elegant and spacious look.
Overall, buyers want homes that are welcoming, comfortable, and convenient. They want to be surrounded by things that motivate them and help them relax.
Millennials value location. They want to live near where they work and play. They don’t want to drive too far away from their jobs and want to live near their friends, family, and community. So they’re gravitating toward urban areas, suburbs, and small towns.
Places that provide a lot of culture, entertainment, and shopping are hot spots for the generation. In addition, they want to find somewhere with an excellent school system and a diverse population. Millennials are often willing to spend a little more money to find the perfect location. To them, a place that makes transportation easy is a huge attraction.
Their home will likely be a long-term investment for most of the generation. So, they are attracted to homes that offer space for growing families. Safety is another factor to consider when thinking about the location. This includes handling safe from crime, natural disasters, and pollution. Homes should feel safe.
Outdoor living spaces
It is no surprise that millennials love nature. They feel connected to Mother Nature and appreciate the beauty of the environment. To attract millennials, offer them homes with outdoor living spaces, such as patios, decks, porches, balconies, gardens, swimming pools, spas, hot tubs, fireplaces, or even gazebos.
Especially in the wake of Covid-19, they are looking for homes that offer them the freedom to live outside. They are interested in having a backyard or patio to relax and unwind after work. This makes sense because we know this generation as being laid back, creative, and social. When they find a home that offers these features, they’re happy campers.
Millennials are typically early adopters of new technologies, so we know them as the tech-savvy generation. Technology has surrounded them their whole life and they find many conveniences in using it.
Smart homes allow you to control a home remotely through your smartphone, tablet, or computer. In addition, they can be connected to appliances, lights, security systems, thermostats, and more. This is a very appealing feature to millennials because it lowers maintenance costs, improves energy efficiency, and has greater mobility.
Millennials are driving this trend because they value technology and convenience over everything else.
Younger generations will fuel the demand for real estate
The millennial generation differs greatly from previous generations. They are much more open-minded and willing to try new things. People want to live in places where they feel comfortable. They want environmentally friendly, modern homes that incorporate innovative technology, are in a suitable location, and have outdoor living spaces. Making these key upgrades to a property adds a lot of value to your property, especially when it comes to young shoppers.