5 Home Renovations That Appeal to Millennial Buyers
More millennials are pursuing homeownership now than ever before, according to the 2019 Home Buyers and Sellers Generational Trends Report by the National Association of REALTORS®. They continue to be the largest generational group of buyers at 26 percent. Also, they now represent 42 percent of all new home loans and are showing interest in more affordable markets.
So if you want to sell your home competitively, you need to learn how to market to this generation of younger buyers who have their own sets of needs and preferences. Keep reading to see some of the best features you can add to your home to make it more “millennial-friendly”.
1. A home office space
The remote work trend is becoming more and more common in the U.S. In fact as of 2019, 66 percent of companies allow remote work and 16 percent are fully remote. Forbes even mentioned that remote work is no longer a privilege but has already become the standard operating mode for at least half of the country's population. And although this trend is on the rise for all groups, it is especially common among millennials.
As a result, young buyers are looking for homes with dedicated workspaces that will help them focus on their tasks and will be their go-to place for meetings or last-minute conference calls. Luckily, if you want to make your home attractive to millennial buyers, it’s an easy fix and the space doesn’t even have to be big. Is there a spare bedroom that you could turn into a full-fledged home office, complete with outlets and spaces for shelves? Or maybe there’s a nook in the corner of your kitchen that has good lighting and could accommodate a small desk? Whether it’s through a remodel or during the staging process, it’s important to show the ability to have an in-home office so buyers can picture the space working with their lifestyle.
2. Smart home technology
It's obvious that millennials are tech-savvy, but they especially crave smart home technology options such as smart thermostats, smart doorbells, keyless locks, and others. Since this age group is practically called “digital natives,” these smart security systems appeal to them the most because they enjoy the conveniences their smartphones offer. Young couples who both work or those who telecommute while caring for their young kids will appreciate the extra convenience and security.
If you want your home to appeal to more millennial buyers, be prepared to talk not only about your smart home features but also the available wireless service provider, carrier signal strength, and the low-cost options for any new technology, which could be a major bonus.
3. USB Outlets
And speaking of smartphones and connectivity, one way to impress younger buyers is by switching out some of the traditional outlets into USB outlets, especially in bedrooms, living rooms, and kitchen. Millennials always have their smartphones with them, and showing that your home offers accessible charging ports that will make their lives easier will surely catch their attention (no matter how glued they are to their screens). It's because they no longer need to use a plug or an adapter to charge their smartphones or tablets. Instead, their devices can exclusively have their specialty outlets where only USB cords are needed.
4. Neutral colors
Thanks to the influence of Instagram, Pinterest, and HGTV, millennials favor neutral colors and particularly want to see them in their potential home. Also, the universal love for gray variations, soft neutrals, and white color schemes remain strong so have your home refreshed with these hues. And don't just stop once you’re done painting the walls. Re-paint your red or maple kitchen cabinets and update hardware such as handles and drawer pulls so that everything has a consistent, neutral palette that will surely attract not only millennials but all kinds of buyers.
5. Outdoor living spaces
Aside from interior home upgrades, millennials also consider outdoor living space as an important factor in choosing a home. They want their outdoor features defined and designed where they can hang out with family and friends and there's room for their pets to roam. As a seller, you want to make sure that the backyard feels like an extension of the living space. But remember that those areas should be low-maintenance too, or it could turn into a huge turn-off.
No matter the size of your yard, you can make your outdoor features remarkable by investing in some upgrades. Add a fire source like an outdoor fireplace or fire pit, making sure to check your local building codes to verify fire safety rules. Pull together a variety of seating options with accent pillows, add a cafe table, invest in a few sets of outdoor string lights to recreate that chic urban feel, place an outdoor rug, and add some potted plants or shrubs. Through these upgrades, you can achieve that Instagram-worthy outdoor space that will surely hook younger buyers.