The millennial generation is currently a vital component to the housing market. This generation of young professionals are getting to the age where they are looking to settle down in a house. They have their wardrobe featuring fringe handbags, high waisted shorts and plenty of wedding clothes and now they are ready to move to the next stage of their life. Moreover, most of them are looking to settle down in a turnkey house, as they do not have the financial stability or time to take on a renovation.
There are a few key features that most millenials want in their first home. Here are six of those “must-have” features:
- Modern Kitchen and Bath
While this is an important feature for most homebuyers, it is especially important to the millennial generation. Because millennials have limited budgets, they do not have the money to renovate kitchens or bathrooms, which are the most expensive renovations you can make on a house. Most millennials will spend the majority of their budget on the down payment, saving the rest for furnishings.
Most millennials are not interested in outdated technology like phone jacks. Instead, they are more interested in Internet and cell service. They are looking for a home that has good reception, or has a lot of Interet carriers in the area. In order to have the right answers for them, talk with local TV companies in order to have information on hand about TV and Internet bundles available in the area.
- Open Floor Plan
Instead of the closed-off spaces from decades ago, millennials want open spaces to use for entertaining. Instead of areas for formal dining rooms and compartmentalized rooms, millennials crave an open floor plan where the kitchen flows into the living room and dining room. Because the kitchen has become such a hub for entertaining, the younger generation wants a space where they can sit around watching the big game while cooking in the kitchen.
- Home Office
More and more people are working from home or telecommuting, which seems to be a current trend that is not leaving anytime soon. As many millennials are in this position, they are looking for a space they can use as their home office. It is a space they can close off to focus on work quietly without being distracted by other obligations. Plus, a home office can double as a guest bedroom when guests visit for the weekend.
- Low Maintenance
This generation is shifting to a more disposable society, meaning they are more likely to replace something instead of take the time to repair it. Even though most of this generation grew up watching their parents fix things around the house, they are more interested in a low maintenance home where they do not have to put it that extra effort.
With the ever-growing rise of energy costs and the increasing importance of using environmentally friendly products, millenials are interested in energy-efficient homes. It not only saves them money on their utility bills, it also reduces their carbon footprint, which is important to many young people.
As the millennial homebuying population grows, these are the top six features that will entice them to make an offer.
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