Here Come The Millenials
illennials are the second-largest segment of home buyers, ranked only behind Baby Boomers, according to the National Association of Realtors.
When looking to buy, here are five features that Millennials share are some of the most enticing.
Up-to-Date Kitchens, Baths. It's often said that "kitchens and bathrooms sell houses," and it's especially true for the Millennial generation, which tends to have limited funds to do many updates. Functional and inviting kitchen and bathrooms spaces from the very start equate, for many, into saved dollars, and can have definite impact on their buying decision.
Open Floor Plan. Having a formal, sit-down dining room isn't as important to Millennials as it has been to other generations. Many Millennials prefer a flow through from the kitchen, dining room, and living area with no wall separation. An open concept means that it's easier to entertain everyone at once, and the host is part of the party, rather than being stuck in the kitchen by themselves while everyone else has fun.
Office. More and more jobs are offering work-from-home options, and many Millennials are freelancers or telecommuters. A dedicated space for getting work done, apart from the hustle and bustle of the rest of the house, can be a key attraction.
Friendly Location. Many Millennials prefer walking, biking, or public transportation for their commutes. Proximity to parks and recreational facilities, as well as night-life and entertainment, are high on the list of Millennial's wants and needs in the purchase of their next home. A great location is key.
Energy Savings. Millennials are often more conscientious about energy conservation and efficiency. Energy-efficient appliances, energy-efficient windows, and quality insulation can make a huge difference.
Dog-Friendly. In a recent survey conducted by Harris Poll, it was found that 33 percent of Millennial home buyers' decision to buy any a home was driven chiefly by their dogs. A yard for a dog to run and play is a better fit for many would-be dog parents, versus a space that is smaller, with no yard easily accessible.
With house prices in many areas on the rise, sky-high rents, and student loan debt, it's not surprising that many young adults today struggle to buy their own homes. When they decide to take the plunge, though, many are very clear on what it is that they are looking for.