Millennials are often described as entitled and lazy. They live in their mom’s basements as long as possible. Right? Not so fast. According to the U.S. Census, one-third of millennials own a home; they are also acquiring new mortgages at a faster pace than any other generation. So, what are adults born between 1980 and 1994 looking for in their homes? Here are seven perks that might make a millennial say, “Sold!”
Millennials are concerned about the environment, so energy efficient homes are high on the list of wants. A survey by the National Home Builders Association found that 84% of young adults are willing to spend two to three percent more on a house in exchange for lower utility bills. The buildings can have solar panels, highly insulated windows, environmentally-friendly insulation, and other features that will not negatively impact the environment.
Open Floor Plan
Some millennials tend to buy smaller homes since they are looking for the most economical choice. Open floor plans give the appearance that the room is larger. Combining the kitchen and living area also puts the homeowner in a better position when entertaining, as the owner will be able to converse with the guests while cooking. Millennials are looking for a floor plan that flows and creates plenty of space for friends and family. An open concept is best for this.
With more cooking shows available at our fingertips, millennials are drawn to updated kitchens like the ones they see on the TV and the Internet. The kitchen is often the most important room in the house. An ideal kitchen can have a large island, plenty of cabinets for storage, a six-burner gas stove, and double ovens. Quartz or granite countertops and brushed or matte finishes on the faucets and handles are a plus. It is also important that the appliances are energy-efficient.
More Beds and Baths
Tell a millennial that a home has only one bathroom and watch his or her face drop! It is trendy to have more bathrooms and three to four bedrooms. However, since most millennials are on tight budgets, with a lot of money already going to the down payments, they are looking to buy houses that already have updated bathrooms. Walk-in showers and brushed or matte fixtures make the list. Millennials are also trendier when it comes to appearances. They lean toward unique tile patterns and bright accent colors.
Millennials are now the largest generation in the workforce. Many have online jobs, which allows them to work from home. This trend is not going away anytime soon, so space for a home office is high on the wish list when buying a house. In other words, they are looking for enough room to fit a desk and comfortable chair. Good lighting is essential, so windows can help. Having this specific space helps them be more focused on their work, raising their productivity.
Pet-friendliness could easily be one of the most important qualities of a home that millennials are looking for. The majority of millennials own at least one pet, and many say they have walked away from a home that they liked because it lacked yard space or other amenities for a dog or cat. That is why a dog-friendly yard with a fence (a must) is a good feature. The yard should also have at least one shade tree for dogs who like to stay outside.
Millennials are tech-savvy. They also appreciate having convenience. Combining the two creates a smart house. Remote control lighting, appliances, and entertainment systems are pretty much required. There can be a doorbell with a camera that allows you to communicate, even if you are not home. You can have a refrigerator that lets you know when you are out of milk. If you have updated your home to a smart house, you will attract millennials when you are ready to sell.
A house is most likely the most significant financial investment for millennials. Millennials are not spoiled. They just want a home in which they are comfortable, and they want a home that will give them a good return on investment.