As more and more millennials make the plunge into home ownership, trends are emerging that give insight into what they find valuable in a home. While new home sizes have grown to an average of 2,721 square feet, many first-time buyers are finding that a smaller home with a lower price point better suits their finances. This is fantastic news for anyone putting their single-family, detached home on the market: You’ve got what young buyers are seeking.
According to a 2015 survey from the National Association of Home Builders, technology matters to millennial home buyers. You can bet they’ll be shopping with a smartphone in hand, and doing their research on any appliances and updates that come with the home. Here are some additions and updates that will attract younger buyers to your open house and help you close the deal.
Tech in the Kitchen
If you’ve got outdated technology in the most important room in the home, you’ll want to update it first. Millennials envision entertaining friends and family in their homes, and the kitchen is a key showpiece. Consider adding a Touch2O faucet and innovative appliances that will appeal to their love of technology and convenience.
Millennials care about energy efficiency, especially if it means that upgrades will lower their utility costs. If you’ve got energy efficient windows, weather stripping that prevents air leaks and an updated heating and cooling system, be sure to add these to your listing. The buyer might even be willing to pay a little more if they know about these investments.
Working From Home
With more and more millennials pushing for location flexibility, creating a space in your home that can serve as an office is a smart move. Stage one of the bedrooms with a desk, chair and some shelves, and your potential buyers will be thinking of the tax break they could get for deducting their home office.
A smart place to invest if you want to appeal to young buyers is the laundry room. According to the NAHB survey, more than half of millennial respondents said they wouldn’t consider a new home if the laundry wasn’t separate. If your home doesn’t have a room that can be easily converted into a laundry, consider building one. It’s a sound investment to ensure you’re appealing to a large demographic interested in purchasing a decades-old home.
If you’re selling a home that was built more than a decade ago, it’s a wise move to keep first-time buyers in mind. The largest group of homebuyers is between the ages of 18 and 35 (according to a report from the National Association of Realtors), so make sure the money you invest is spent on updates that will appeal to this demographic. By appealing to them, you’ll be more likely to settle near your asking price and quickly sell your home.