Millennials have officially overtaken Baby Boomers as the largest living generation in the US. With approximately 80 million people between the ages of 18-34, they account for 42% of all home buyers.
The majority of Millennials are unattached to a particular location and tend to be cash poor. They are looking for economical properties that are close to the center of town, averaging 1,800 square feet.
Unlike previous generations, Millennials have a unique list of desirable features for their new home. They need one to match their changing lives. Here is what they are looking for and how you can stage your home to appeal to this growing demographic.
A Finished Product
Watching their parents spend precious weekends working on maintaining and updating their home, Millennials do not like idea of repairs and improvements. Instead, they are in search of move-in ready homes that allow them freedom when they are not working. Additionally, they tend to shift jobs and locations more frequently which leaves them little time to make improvements.
To take it a step further, not only do repairs need to be in order, they want a the home that looks like it came off the cover of a magazine. They like a light and bright feel, clean lines, minimalist decor, and uncluttered spaces.
Stage It: Creating a finished product can be as simple as a few small tweaks to a complete remodel.
- Replace original fixtures, heavy drapery, floral wallpaper, and any sliding door mirrors. T
- Paint walls with neutral colors.
- Declutter your home and keep only the basics. These items can be stored until you move.
- Remove old recliners, chenille bedspreads, and other items that show their age. Rent furniture and accessories with clean lines to give the home an updated look.
- Use plants to finish the space. They provide a fresh smell and fill in the blank spaces.
Open Floor Plan
Millennials are social beings. They love to gather with friends and mingle. For this reason, they are drawn to homes with open floor plans.
Stage It: Knock down walls that separate the kitchen, living room, and dining room to create one open space. Use area rugs to define the spaces and add warmth and comfort to the large room.
Vaulted ceilings, fireplaces, built-ins, and ceiling beams are architectural features that Millennials find desirable. In most homes there are existing architectural features that just need to be highlighted.
Stage It: Tear back carpeting to expose hardwood floors. Highlight existing architectural features using a bold yet modest paint choice to draw your attention or arrange furniture to make the feature the focal point of the room. If your home is "builder-grade" you can always add beams, plank a ceiling, or add a built-in to make the home more custom.
Not surprising, technology is a huge part of Millennials everyday lives. The technological advancements are fun, sexy, and make life easier. This is why they expect tech-friendly details incorporated into the home.
Stage It: There are tons of technology upgrades out there for your home. Here are a few of our favorites that range from a small to large budget.
- Smart Door Lock - Keyless access to your home with iOS and Android smartphones (Amazon, $119)
- Smart Thermostat - Understands when to turn on heat or air based on your energy profile, the weather outside, and many other data points (Amazon, $264)
- Smart Lighting - Turn lights on and off with your smartphone, customize actions like turning off lights automatically when you leave, and serves as an outdoor motion detector. Projected annual savings of 60%. (Lutron)
This generation is socially responsible and through that mindset, they have placed a high value on sustainability and going green. Additionally, green upgrades come with lower utility costs which is a big benefit to Millennials that are already purchasing in a high-price market.
Stage It: Boost your green credentials with energy efficient heating, cooling, and insulation. If you need to upgrade appliances, choose Energy Star which are rated by EPA and the US Department of Energy as being more efficient than its conventional counterparts. If you are replacing flooring or other materials in your home, choose renewable options.
Don’t Leave Equity on the Table
Millennials have created a great opportunity for homeowners to squeeze more equity out of their home before they sell. With a long list of options, it can sometimes be challenging to determine what updates should be made to your home. Some changes are so simple while others are a larger project but may be worth the return.
We take the guesswork out of this process by walking through your home, alongside you, to show you exactly which updates will give you the greatest payoff and which items are not worth your time to overhaul. Don't leave equity on the table. Connect with us today to find out how you can make the most out of this precious opportunity.
Make life more beautiful.