There has been a tremendous movement in the real estate market and it’s all due to the Millennial generation who have represented the largest share of home buyers in the last few years. It’s no secret that, compared to previous generations, Millennials are late to the home buying game. Both their parents and the media have established the fact that many of the Millennials either live at home or have more tendency to be renters.
The millennials range from the youngest being teenagers to the oldest in their late 30s. Some want an unrestrained, hip, urban lifestyle while others are looking for a more traditional and compact home in which they can raise a family. Millennial home buyers are often looking for a lot at first and then they’re scaling back as they start searching for a home because of the high prices and the limited selection of homes in most markets.
Prefer Community Living
Observations and research show that millennials desire for a sense of community, a lack of compromise on the condition of the home and unwillingness to renovate early in the ownership process, and a preference for high-tech environments. Understanding the priorities and preferences of millennial buyers is important to developers and to home sellers who want to target buyers in that age range.
As a whole, millennials are very interested in a sense of community and place a priority on the neighbourhood. Younger millennials are more attracted to rental flats than for-sale places, partly because of their youth and partly because mortgage financing is so difficult to obtain. Also they should not look for buying homes at that early age since there is no surety of where they are going to be in 5 years. Older millennials are more likely to look for detached homes or spacious flats where they can settle for a good future.
Some of the most important points that millennials tend to focus on while looking for homes are authenticity, a strong indoor/outdoor synergy and the ability to use the home and rooms in multiple ways. Both which incorporate smart technology and a high level of energy efficiency. Flex spaces enable the homes to be adapted as lifestyles evolve and they easily can be tailored to an owner’s preferences.
Some people are also seeking slightly smaller homes, and want properties that suit their lifestyle, such as larger yards for pets, or organic gardens. Location preferences have changed and many millennials want to live in a walkable, interactive and adaptable enviroment or places in the vicinity of proper transportation facilities, markets, hospitals etc. Some of the demands also include formal or informal dining spaces in their homes.
Another strange need of the urban millennials are the space availablity to have a pet rather than having a space for parking. Millennial buyers who have been living in luxury rental buildings have high expectations for amenities that they have to revise once they realize that fewer condominiums have those amenities and those that do, have a higher charge.
Wi-Fi Enabled Homes
Technology has been the biggest influence for human beings in the past few decades. Tech-savvy millennials like the convenience of technology that they can control remotely. Millennials grew up in the digital age, which gave them a thirst for instant information at their fingertips and virtual communication. Any new technology that comes at a low cost is a major bonus to this age group.
Presenting the home to make it more appealing to millennials can include adding some bar stools to a kitchen island so that buyers can visualize having coffee or drinks there and enjoy their own time. Thus, the designing of a flat or house is a major factor that can impact the viewpoint of millenials while buying a home. Millennials also prefer modern, sleek designs with clean lines and minimalist aesthetics.
Further, as they have struggled under the pressures of debt and stagnant wages to finally buy a home, perhaps gaining goods and services in the home purchase process is a fair outcome. But it also shows that as Millennials continue to be the largest segment of home buyers, they are going to demand that the market caters to them. So, most generally, the top priorities for the millennials remain the same as any other generation which includes the most affordable residential apartments where the flats are in a good condition and the place is in a convenient location.