What Young Home Buyers Want
If you’re going to sell your home in 2019, you’ve got to know what young home buyers want.
These days, if you want to sell your home, you’re probably going to sell to a Millennial, or even scarier, a Generation Yer. It’s not all bad though. A lot of these younger people have solid financial backing, either from their parents or well-paying jobs, giving them the money to buy your home at a price you’ll like. But in order for them to spend their hard-earned money on your home, you’ve got to pique their interests. If only there were a way to figure out what young home buyers want. What if there was a content writer in that same age group with a lot of insight into what people his age are looking for in homes? Wouldn’t that be something? All right, fine, I’ll tell you. But we young people are pretty simple to figure out.
What young home buyers want is a home that requires little to no additional work. At this point in our lives, we’re young professionals who are more concerned with the financial benefits of homeownership and having space for our dogs to run around than fixing up a home and making it uniquely ours. Now, of course, every now and then you’ll run into that charming young couple that wants to invest their sweat equity and personal touch into a property. But the majority of us just want a nice house that we can move into without worrying about a leaky ceiling or doors that don’t shut all the way.
I don’t love pigeonholing young people like this, but it’s the truth. If I wanted to provide a nuanced account of what every type of Millennial/Gen Yer wants in a home, I’d write a book. But I’m a Millennial so this blog post will do just fine. Here’s what young home buyers want in their homes.
At this point in our lives, we’re young professionals who are more concerned with the financial benefits of homeownership and having space for our dogs to run around than fixing up a home and making it uniquely ours.
1. Updated kitchen and bathrooms
If there’s one thing that young people don’t want, it’s a home that looks and feels old. We love a modern, upscale, and classy look, but we’re also more budget-conscious than previous generations. When you walk through a home, there are two places that are dead giveaways as to whether the house feels modern or outdated. The kitchen and the bathroom. Nothing turns off young people like old looking bathrooms and kitchens. Why? Well for one, they don’t look like how we envision our dream home looking. They aren’t sleek and modern—they remind you of your grandmother’s house. And who wants to live in their grandma’s house at age 26?
Secondly, when a bathroom or kitchen looks old and outdated, that just means we’re going to have to pay to get them renovated eventually, which is a big red flag for a group of people who want to do as little work and save as much money as possible while moving into a new home. The best way to make a home more appealing to young home buyers is to have bathrooms and kitchens that give off that modern, upscale vibe—and don’t scare them off with thoughts of pricey remodels.
2. Smart homes
This is an era of new and exciting technology, and what young home buyers want is a home that reflects that. We already talked about modern-style homes, but what’s more modern than a home with smart technology? Smart home features have impacted the real estate industry significantly over the past few years, and they’ve become a must-have when targeting young home buyers. Some of the more popular smart home features for young home buyers include automated or voice devices that control lighting, appliances, heating systems, garage doors, etc. For a generation that lives on their phones just as much as we do in our homes, it’s important to us to have the ability to retain control of what’s going on in our homes while we’re away.
3. Energy efficiency
You may not be able to tell from the first two points, but we young people aren’t shallow. We have principles. We care about things other than ourselves. One of the main things we look for when we’re buying a home is energy efficiency because we’re trying our hardest to save mone— the environment! Seriously though, for whatever reason, energy-efficient windows and appliances can go a long way in making your home more attractive to young home buyers. Being conscious about saving money and the environment is part of the versatility and efficiency that makes our generation so special.
4. Laundry rooms
This may come as a surprise, but one of the biggest features we Millennials can’t do without is a laundry room. It sounds silly, but we truly value having a space to wash, dry, and fold clothes without messing up our living spaces. Not to mention, nobody—and I mean nobody—likes the laundromat. If you don’t have a laundry room and would like to add one, a basement is usually the easiest and cheapest place to put it coming in at about $1,000. If you don’t have a basement, a laundry room or laundry closet (just fits a washer and dryer) can cost from $5,000 to $10,000 to install. Don’t have a basement or a laundry room? Don’t sweat it. There are plenty of other ways for you to tailor your home to what young home buyers want.
5. location, location, location
When a young person buys a home, they’re not just buying the house itself, they’re buying into the community around it as well. This is where we’re going to be doing our living, shopping, running, and potentially raising families. When you think about it like that, a good location goes a long way. That being said, there’s not much you can do if you’re selling your home and your community doesn’t have much going for it. That just means you may have to switch your target. If you’re out in a rural area, you may not want to target younger buyers because we like being closer to cities. If your home is in a good neighborhood with cool bars and nice restaurants within walking distance, be sure to include that in your home listing. Selling your home is about playing to your strengths! Do that and you’ll be golden no matter whom you’re targeting.
6. Hardwood floors
Aside from their aesthetic appeal, hardwood floors are just really convenient when it comes to maintenance. Not only is hardwood flooring easy to clean and maintain, but it also lasts longer than carpeting. When you add in the fact that a lot of young homeowners have pets, hardwood floors are the perfect counter to the messes that our furry friends love to make. Installing hardwood floors isn’t the cheapest home improvement project but it may be worth the investment as it can bring in young home buyers in droves.
7. Outdoor space
Speaking of pets, we’re dying to have outdoor space for our pets to stretch their legs and run around. After years of apartment living, those guys deserve the chance to have their own domain. Even if we don’t have pets, Millennials are social beings. We want space to barbecue with friends or simply kick back and relax by ourselves. If you’re looking to draw young home buyers to your home, creating an outdoor haven should be near the top of your list. The vast majority of Millennials will pay more for a home with a nice outdoor space than one without.
8. Home office
One of the best inventions of my lifetime (up there with legendary technology like the iPhone, the internet, and sliced bread) is working from home. Did you know that more than 8 million Americans work from home? And all signs point to that trend continuing its upward trajectory. That means a home office is high on the list for a lot of young home buyers who have put their days of sitting in rush hour traffic behind them.
9. Low maintenance
A majority of what young home buyers want really boils down to making things as simple as possible for them. Convenience is the name of the game for young home buyers. We want homes that look fancy and upscale, but without having to put too much effort into keeping it up. We’d rather spend our weekends relaxing than repairing a roof or replacing old windows. Call it lazy if you want, but I call it smart. We’re willing to pay more for a home that’s ready to move into without having to go through the stress and effort of repairs and replacements. So if you’re looking to sell your home to a young buyer, it’s important that you stress a low cost of maintenance.
10. Open floor plan
Gone are the days of formal dining rooms and rooms with defined purposes. Open floor plans have been all the rage for a while now, and the Millennial generation has caught on. An open floor plan gives us the versatility to convert different spaces based on our needs. We’re looking for large open spaces in kitchens, living rooms, and family rooms that we can use for multiple purposes. We also love to entertain, so we want a home where guests can flow freely through the house during gatherings rather than being sectioned off in different rooms.
11. Storage space
This just in: Millennials have a lot of stuff. Do we need all of it? No, but we’d like to keep all of it anyway. That’s why storage space is so high on so many of our lists. Be it walk-in closets, a spacious garage, or a pantry, we really just need a place to keep all our stuff nice and neat. We’re used to tiny apartments and the backs of chairs doubling as clothes hangers. Give us the space we need!
What’s on your home wish list? We want to know! Tell us on social media!